HKMA chief: HK should capture key trends
CGTN
05:52

Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue said that Hong Kong Special Administrative Region (HKSAR) should capture three key trends, namely, opportunities from Chinese mainland, green financing and fin-tech.

Hong Kong is already the world's largest and most important offshore RMB business hub. It also has unique investment channels like the bond connect and stock connect, said Eddie Yue in a speech at the Hong Kong Association of Banks' luncheon.

There is still potential to expand Hong Kong's role, such as the development in the Greater Bay Area, said Yue.

As an emerging global financial hub, Hong Kong pays great attention to green finance. "The green bond issuance in Hong Kong reached 11 billion U.S. dollars last year, tripling the amount in 2017," said Yue.

"The first government green bond was launched earlier this year, which received good response from the market. The center for green finance was also established a few months ago," Yue added.

HKMA also launched a series of measures ranging from cyber security initiative to smart banking initiative which includes the fast payment system and the virtual bank licenses.

Also, the Bank for International Settlements (BIS) has set up the first BIS Innovation Hub Center in Hong Kong.

Apart from fresh opportunities in the fin-tech sector, Yue also highlighted the importance to address some of the risks that may come with those new technologies.