Yue: Hong Kong connects markets, fosters digital finance innovation
Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, highlighted the city's role as a 'super connector' in enhancing cross-border payments and fostering financial innovation. Speaking at the 2026 Global PMI Summit, he detailed initiatives in market infrastructure and digital assets.
Bridging markets, building payment rails
Mr. Yue emphasized Hong Kong's enduring role as an intermediary for trade, investment, and financial flows between the Chinese Mainland and the rest of the world.
This is supported by various 'Connect Schemes' introduced since 2014, such as Stock Connect and Bond Connect, which deepen financial integration and facilitate cross-boundary capital flows.
The city's multi-currency Real Time Gross Settlement (RTGS) systems have established domestic and overseas linkages.
The Central Moneymarkets Unit (CMU) is expanding its international reach and will develop a Digital Asset Platform later this year to support digital bond issuance and settlement.
Retail payment connections have also advanced, with linkages like the Faster Payment System (FPS) to Thailand's PromptPay (2023) and the Chinese Mainland's Internet Banking Payment System (Payment Connect, last June).
The HKMA is also adopting ISO 20022 messaging standards to enhance data interoperability, supporting international efforts towards faster, cheaper, and more transparent cross-border payments.
Driving digital finance with responsible innovation
Hong Kong actively fosters innovation to meet evolving market needs.
The HKMA's 'Fintech 2030' strategy, unveiled last November, aims to establish Hong Kong as a robust, future-ready fintech hub, with initiatives across four pillars: Data and Payment, AI, Resilience, and Tokenisation.
Mr. Yue highlighted tokenisation for its benefits in wholesale and cross-border transactions, driving efficiency, lowering costs, and improving transparency.
The HKMA launched Project Ensemble two years ago, entering a pilot phase last November, enabling real-value transactions with tokenised deposits and digital assets.
The HKMA plans to deepen and scale this ecosystem.
Emphasizing responsible innovation, Mr. Yue cited Hong Kong's stablecoin issuer regime, which adheres to 'same activity, same risks, same regulation' and aligns with international standards for financial system integrity.