Tag Archives: China

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) today (November 2) co-organised the Hong Kong FinTech Week 2026 with Invest Hong Kong. The 11th edition of this flagship fintech event has brought together participants worldwide to exchange insights, showcase innovation, and foster strategic business partnerships.
      
     Following the announcement of “Fintech 2030” last year, the HKMA has built significant momentum in advancing the four strategic pillars under the “DART” framework (Data and Payment, AI, Resilience and Tokenisation). During FinTech Week, the HKMA announced new initiatives across the following four categories, aiming to further strengthen Hong Kong’s fintech capabilities and deliver direct benefits to corporations and individuals:
 
(1) Application and governance of Agentic Finance: As Agentic A.I. technologies continue to mature, they have the potential to reshape how financial services are delivered and used. To ensure responsible development of these services, the HKMA launched Project SAGE (Securing Agentic Finance with Governance and Enablement). The Project will seek to enable the industry to explore and advance agentic finance applications, while ensuring a commensurate governance framework. To support the work of Project SAGE, the HKMA has established a cross-sectoral Agentic Finance Expert Group. Concurrently, the HKMA published a discussion paper on the use of Agentic A.I. by banks, seeking industry feedback on the supervisory considerations pertaining to the governance of such applications. 

(2) Driving readiness for post-quantum cryptography (PQC): Quantum computing could in future compromise widely used encryption that protects customer data and transactions. To support the banking sector’s transition to PQC in the quantum era, the HKMA and the Hong Kong University of Science and Technology, with support from industry participants, launched the PQC Toolkit. The Toolkit sets out a structured and comprehensive framework with a suite of practical tools to guide banks through their PQC transition journeys. The Toolkit will continue to evolve through industry application, validation and feedback as PQC standards and implementation practices mature. 

(3) Accelerating 24×7 settlement of tokenised transactions under Project Ensemble: The HKMA has advanced EnsembleTX to a new stage, enabling 24×7 real-value transactions. This enhancement empowers banks and their clients to unlock new business opportunities, such as dynamic global allocation of funds, effective management of tokenised asset portfolios, and optimised treasury management. The HKMA has also completed trial trades involving Recognised Dealers conducting secondary market transactions of tokenised Exchange Fund Bills, enabling them to enhance efficiency in secondary and repo trading. The HKMA will soon expand the trials to include regulated stablecoins. 

     In partnership with Cyberport, the HKMA launched tConnect Launchpad to bring together financial institutions, technology firms, and digital asset innovators. This initiative will explore and validate pioneering use cases, accelerating tokenisation adoption in Hong Kong.

(4) Expanding cross-border payment connectivity: The Faster Payment System (FPS) will link with UnionPay International (UPI) by the end of this year, progressively enabling users to pay by scanning QR codes at over 100 million merchants under UnionPay and its partner networks in Hong Kong, the Chinese Mainland and more than 40 overseas markets, for greater convenience in retail payments both locally and while travelling. 

     The Chief Executive of the HKMA, Mr Eddie Yue, said, “Hong Kong is well placed to capitalise on new growth opportunities in fintech. Building on the good progress that we have made under ‘Fintech 2030’, banks and fintech firms can better harness data, AI, tokenisation and other emerging technologies. Looking ahead, we will continue to foster an enabling environment that advances responsible innovation, enhances resilience, and supports the sustainable development of the fintech ecosystem.” read more

     Following is the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at Hong Kong Legal Week 2026: UNIDROIT Centenary: Regional Conference for the Asia-Pacific and Opening Ceremony of the Asia-Pacific Liaison Office today (November 2):
 
The Honourable Chief Executive, Mr John Lee, Commissioner Cui (Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region (HKSAR), Mr Cui Jianchun), Professor Moavero-Milanesi (President of the International Institute for the Unification of Private Law (UNIDROIT), Professor Enzo Moavero-Milanesi), Professor Tirado (Secretary-General of UNIDROIT, Professor Ignacio Tirado), Consul-General, your Excellency, distinguished guests, ladies and gentlemen,
 
     It is my great pleasure to join you today at the opening ceremony of the UNIDROIT Asia-Pacific Liaison Office in Hong Kong.
 
     The Chief Executive, Director-General Yu (Director-General of the Department of Treaty and Law, Ministry of Commerce of the People’s Republic of China, Dr Yu Ning), and Professor Moavero-Milanesi have already spoken eloquently about the significance of the event to the HKSAR, the People’s Republic of China, and UNIDROIT. I just wish to highlight three points: first, our long-standing and outstanding collaboration with UNIDROIT in the past; second, how the establishment of the Liaison Office can and will take our collaboration with UNIDROIT to the next level for the benefit of the Asia-Pacific region and beyond; and third, the potential synergy between the Liaison Office and other international organisations with a presence in Hong Kong.
 
Long-standing and outstanding collaboration with UNIDROIT
 
     Hong Kong’s relationship with UNIDROIT is longstanding, dearly close and deeply valued. The People’s Republic of China has been a member of UNIDROIT since 1986, and representatives from the Government of the Hong Kong SAR has, as part of the Chinese delegation, participated in UNIDROIT’s work in the past decades.
 
     In recent years, we have established outstanding collaboration with UNIDROIT, as signified by in the signing of Memoranda of Understanding in 2021 and 2022 between my Department (Department of Justice) and UNIDROIT, which set out a clear framework for even closer co-operation. Such co-operation includes annual secondment of local legal professionals to the Secretariat of UNIDROIT in Rome. So far, we have sent nine secondees including solicitors and barristers in private practice as well as government counsel, and I am delighted to see some of them with us today.
 
     Our co-operation also included regional forums and capacity-building programmes. A good example is our biennial Asia-Pacific International Private Law Summit. I am pleased that the third edition will take place here tomorrow, bringing together government officials, practitioners, academics and representatives of international organisations to discuss the region’s evolving needs, and more importantly, how we should respond to them.
 
     Against this background, today’s opening ceremony is indeed a natural progression of our partnership based on mutual trust and confidence that has been built steadily over the years through continuous interactions.
 
UNIDROIT Asia-Pacific Liaison Office for Asia-Pacific and beyond
 
     The establishment of the Liaison Office in Hong Kong will undoubtedly take our relationship with UNIDROIT to the next level. 
 
     The Liaison Office is not just an office for Hong Kong and UNIDROIT, it is an office for the whole region by providing a stable, convenient and effective platform in the Asia-Pacific region to support and facilitate the development of international private law through UNIDROIT’s legislative, implementation and institutional work.
 
     The Liaison Office will help to bring expertise closer to where it is needed. It will give the region a stronger and closer connection to UNIDROIT’s work. It will further assist in strengthening UNIDRIOT’s engagement with the governments of member states and non-member states, the legal profession, academia and the business community, to ensure that Asia-Pacific perspectives, experience, needs and expectations will be properly and sufficiently reflected in UNIDROIT’s future work programmes.
 
Synergy between UNIDROIT Asia-Pacific Liaison Office and other international organisations in Hong Kong
 
     Ladies and gentlemen, I am pleased to announce that the Liaison Office will be located at the Hong Kong Legal Hub, in which we already host the Regional Office for Asia and the Pacific of the Hague Conference on Private International Law, the Department of Justice’s (DoJ) Project Office for Collaboration with UNCITRAL (United Nations Commission on International Trade Law), and the AALCO (Asian African Legal Consultative Organization) Hong Kong Regional Arbitration Centre.
 
     This concentration of international institutions in the same physical premises will create synergy in practice: such as closer day-to-day exchanges, stronger co-ordination in outreach and capacity-building programmes, and more accessible and convenient points of contact for governments and stakeholders with these institutions across the Asia-Pacific.
 
     The Office will also be able to benefit from the wider legal ecosystem described by the Chief Executive, such as the International Organization for Mediation which is headquartered in Hong Kong, as well as other international organisations which have a presence in Hong Kong such as the Bank for International Settlements, the International Finance Corporation, the International Bank for Reconstruction and Development, and very soon an office of the Asian Infrastructure Investment Bank. These connections will strengthen outreach and engagement in different areas collectively or individually across the region. As such, Hong Kong offers a unique and distinctive platform where international and regional institutions can and will work in closer proximity, with greater continuity and impact. In this sense, it serves as a strong testament to the theme of this year’s Hong Kong Legal Week: “Legal Synergy for a Shared Future”.
 
     Before I conclude, may I express our sincere gratitude to the UNIDROIT Governing Council and General Assembly for their decision and agreement to establish the Liaison Office in Hong Kong, in particular, to Secretary-General Tirado and his team throughout this process, and to the Central People’s Government for its unwavering support.
 
     To Hong Kong, hosting UNIDROIT’s Liaison Office is both a privilege and a responsibility. It reflects UNIDROIT’s trust and confidence in Hong Kong. At the same time, it places on us the responsibility to support the Liaison Office to effectively create potential values for the Asia-Pacific and beyond. You have my words that the DoJ will do its best to work closely with UNIDROIT and with all stakeholders to support the work of the Liaison Office.
 
     On this note, I wish the Liaison Office every success. Thank you very much.

      

    The Department of Justice (DoJ) announced today (November 2) that arbitration and dispute resolution institutions and permanent offices can now apply to be the designated institutions or permanent offices under Article 2(1) of the Arrangement Concerning Mutual Assistance in Court-ordered Interim Measures in Aid of Arbitral Proceedings by the Courts of the Mainland and of the Hong Kong Special Administrative Region (Arrangement) in the new round of application exercise. Details of the application procedures are available on the webpage of the DoJ.
 
     Under the Arrangement signed between the DoJ and the Supreme People’s Court in April 2019, parties to arbitral proceedings seated in Hong Kong and administered by eligible arbitral institutions or permanent offices which have been designated would be able to apply to the relevant Mainland courts for interim measures. Arbitration and dispute resolution institutions or permanent offices interested in being designated under the Arrangement may submit an application to the DoJ.
 
     This new round of designation for qualified institutions or permanent offices will be valid for a period of three years from the date of designation.
    
     All applications and supporting documents shall be in writing and submitted to the DoJ on or before December 1, 2026, by post or email as follows:
 
Alternative Dispute Resolution Unit
Civil Division
Department of Justice
2nd floor, East Wing, Justice Place,
18 Lower Albert Road, Central, Hong Kong
 
Email: arbitration@doj.gov.hk
 
     For enquiries, please contact the Alternative Dispute Resolution Unit of the DoJ (Tel: 3902 8825 or 3902 8889; email: arbitration@doj.gov.hk). read more

     Following is the keynote speech by the Financial Secretary, Mr Paul Chan, at the Women Chief Executives (WCE) Summit 2026 today (November 2):

Mary (Chief Executive Officer of the Hong Kong and Greater China & North Asia, Standard Chartered, Ms Mary Huen), Amy (Chairman of UBS Global Wealth Management Asia and Head and Chief Executive of UBS Hong Kong, Ms Amy Lo), distinguished members of WCE, Consuls-General, ladies and gentlemen,

     Good morning. My sincere thanks to Mary and Amy, and to their teams, for bringing together leaders from finance, technology and beyond. It was a pleasure to join your inaugural summit last year. I am delighted to return under this year’s theme, “Female Voices of Impact and Innovation”.

     In recent weeks, Hong Kong has welcomed a series of international financial gatherings. In October, we hosted the APEC (Asia-Pacific Economic Cooperation) Finance Ministers’ Meeting for the first time. This week, we welcome the Global Financial Leaders’ Investment Summit. Today, your summit adds an important voice to these conversations.

     While their agendas differ, these gatherings share a concern over how finance can support growth in a changing world. For the leaders here this morning, the central question is how to build institutions that can succeed through uncertainty and change.

     In my view, two principles are essential. The first is drawing on the widest possible pool of talent. The second is managing capital with a long-term perspective.

     Let me begin with talent.

     In the financial world, capital is important. But an institution’s strength depends ultimately on its people and their judgement. They must navigate uncertainty, distinguish lasting trends from short-term market movements, and take responsibility for decisions with multiyear impact.

     Sound judgement is not confined to any gender, background or generation. Institutions that draw on a wider pool of talent are better equipped to navigate change, make sound decisions and seize opportunities. Broadening access to leadership is not only fair. It makes our financial sector stronger.

     Hong Kong has made encouraging progress in this respect. For the first time in their respective histories, the CEOs (Chief Executive Officers) of both the Securities and Futures Commission and the Hong Kong Stock Exchange (HKEX) are women. Bonnie (CEO of the HKEX, Ms Bonnie Chan) is among us this morning.

     We all remember the joint study by WCE Hong Kong, KPMG and the Women’s Foundation. It found that women held 45 per cent of senior leadership positions in the financial institutions studied, up from 34 per cent in 2018.

     These achievements deserve recognition. They reflect individual endeavour, backed by education, family support, workplace opportunities and a culture that values ability. Yet barriers remain, particularly for women in the middle of their careers.

     We need to remove all these barriers so that more women can advance and lead. The same principle applies to people from different backgrounds and cultures. Our institutions thrive when talent has every opportunity to flourish.

     The second principle concerns how far ahead capital looks.

     A major transfer of wealth is under way. In the United States alone, the baby boomer generation holds some US$30 trillion in financial assets. As this wealth gradually passes to spouses and younger generations, women are expected to control a substantial share of wealth by 2030. This is more than a change in ownership. It is a shift in who makes investment decisions and where capital is directed.

     As wealth changes hands, investment priorities will change too. Financial institutions need to respond to the goals of a new generation, not simply repeat what worked for the last.

     Nowadays, wealth management goes beyond transactional product sales to building multigenerational advisory relationships. Investment strategies should look beyond quarterly performance to opportunities and risks across market cycles. Institutions that respond well will be better placed to earn the lasting trust of their clients.

     For those seeking to develop talent and manage capital for the long term, Hong Kong has much to offer.

     Our economy grew by 5.1 per cent in the first half of this year. Tomorrow, we will announce our third-quarter figures, which will mark our 15th consecutive quarter of growth. We will also likely revise upwards our full-year GDP (Gross Domestic Product) growth forecast, putting Hong Kong on course for its strongest annual growth in five years.

     But the case for Hong Kong extends beyond the current economic cycle. Our common law legal system, free flow of capital and deep professional expertise provide a reliable foundation for investors looking to commit capital for the long term. 

     Our connections with the Chinese Mainland and the world bring together people, ideas and investment opportunities. They make Hong Kong a place where international institutions can build diverse teams and serve clients across markets.

     This year marks the beginning of our country’s National 15th Five-Year Period. In September, Hong Kong also announced our own very First Five-Year Plan.

     These plans also provide a longer-term framework for Hong Kong’s development. Together with our institutional strengths, they give businesses and investors a basis for planning ahead. 

     In short, Hong Kong offers both access to growth and the continuity that long-term investment requires.

     We will continue to strengthen our role as a trusted platform for international capital entering the Chinese Mainland, and for Mainland enterprises and investors reaching out to the world.

     Looking ahead, technological disruption will test both our approach to talent and our management of capital.

     Later today, you will discuss the “Human-AI Financial Institution”. I believe the question is not simply how many AI tools an institution adopts, but how it becomes truly AI-native. That means rethinking how decisions are made, services are delivered and teams are organised. That means how AI is built into the way the institution works as a whole. 

     That also places demanding choices before leaders. They need to decide where to invest, which skills to develop and how to redesign roles. They need to balance innovation with the need to protect clients and maintain trust. And they need to ensure that responsibility remains clear as technology becomes more complex.

     There are no easy answers. But we are more likely to find sound answers when different experiences and views inform the decisions.

     Women must have a full part in shaping this transformation. A wider pool of talent brings more ideas and perspectives to the table, challenges familiar assumptions and helps institutions prepare for what comes next.

     Ladies and gentlemen, the future of finance and business will be shaped by the choices leaders make today. Who should be given the opportunity to lead, how we invest for tomorrow and how responsibly we use technology will determine the strength of our institutions.

     Let us open more doors to talent, take the longer-term view of capital and turn investment into lasting value. Hong Kong treasures your leadership and aspiration as we build that future together.

     I wish the summit every success and all of you the best of health and business. Thank you.

    

     The fourth Asia+ Festival will present the concert “Taksu – The Spirit of Gamelan” on November 6 and 7. Malaysia’s leading percussion ensemble, HANDS Percussion, will join forces with Gamelan Yuganada from Indonesia, for a performance which fuses the thunderous pulse of Chinese lion dance drums (shigu) and Malaysian 24 Festive Drums, with the ethereal, spiritual sonorities of Balinese gamelan. The performance weaves a boundary-breaking and soul-stirring dialogue between the crystalline coolness of metal and the resonant warmth of drumskins.

     Gamelan means “to hammer” in Javanese. Originating in the royal courts and temples of Java and Bali more than 1 000 years ago, it is celebrated as one of the world’s musical treasures. The performance will bring together more than 30 sets of signature gamelan instruments, including metallophones, gongs and drums, which resonate alongside lion dance drums and festive drums, together with quaint and graceful Mak Yong dance and song performances. The Hong Kong Children’s Choir (Chamber Youth) will also perform a series of repertoires, including a reimagined classic folk song “Jasmine Flower”, offering audiences a refreshing artistic experience as familiar melodies bridge cultures across Southeast Asia.

     The concert “Taksu – The Spirit of Gamelan” is also one of the programmes of the sixth Guangdong-Hong Kong-Macao Greater Bay Area Culture and Arts Festival. It will be held at 8pm on November 6 and 7 at the Sha Tin Town Hall Auditorium. Tickets priced at $200, $260, $320 and $400 are available at URBTIX (www.urbtix.hk), some seats priced at $200 have restricted sightlines. For telephone bookings, please call 3166 1288 or use the mobile ticketing app URBTIX.

     A meet-the-artist session will be held after the performance on November 6. Fringe activities including lecture demonstrations and an outreach performance are also available. For details, please refer to www.asiaplus.gov.hk/2026/en/taksu.

     Presented by the Culture, Sports and Tourism Bureau and organised by the Leisure and Cultural Services Department, the Asia+ Festival is held annually from September to November. Themed “Traditions Recast”, this year’s festival brings together over 30 countries and regions, and presents more than 100 performances and related activities, showcasing the artistic essence of Asia and countries and regions along the Belt and Road. For programme enquiries and ticketing concessions, please call 2370 1044 or visit www.asiaplus.gov.hk.