On October 30, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue stated that the HKMA's "Fintech 2025" strategy focuses on promoting bank adoption of fintech and nurturing fintech talent and enterprises. For Hong Kong's digital economy to thrive, robust financial "hard infrastructure" is as critical as the aforementioned "soft infrastructure." Through "Fintech 2025," the HKMA is strengthening the construction of a financial "transport network." Yue highlighted two key priorities: exploring central bank digital currency (CBDC) and building next-generation data infrastructure, which synergistically form the core pillars of Hong Kong's future financial system.
Yue likened financial infrastructure to a highway, enabling secure and efficient circulation of funds and financial assets within the economy, while "digital bridges" connect disparate parts of the financial system, preventing isolated "data silos" that hinder efficiency and innovation. Thus, resilient financial infrastructure is vital for Hong Kong to establish a secure, efficient, and inclusive financial ecosystem.
**Redefining Currency in the Digital Era** Hong Kong already boasts an advanced payment system, being the only financial center globally with a real-time gross settlement (RTGS) system supporting four currencies. The 2018 launch of "Faster Payment System" (FPS) further streamlined retail payments, enabling instant interbank and e-wallet transfers. Recently, FPS achieved interoperability with similar systems in Thailand and mainland China, expanding cross-border payment options. Building on this foundation, the HKMA began researching distributed ledger technology (DLT)-based CBDC—"e-HKD"—as early as 2017. "Fintech 2025" accelerated these efforts, transitioning from experimentation to implementation.
The "e-HKD," issued by the HKMA without credit risk, initially targets wholesale applications, particularly international trade settlements. The mBridge project links "e-HKD" with CBDCs from mainland China, Thailand, and the UAE, slashing cross-border transaction processing from days to seconds. Entering its minimum viable product (MVP) phase in 2024, this financial "highway" has significantly enhanced corporate cross-border payment efficiency.
DLT exploration also spurred Hong Kong’s research into tokenization’s potential to improve financial systems. The 2023 launch of Project Ensemble fostered a tokenization ecosystem, gaining rapid local and international traction. Collaborations with central banks of Brazil, France, and Thailand explored cross-border tokenization use cases, while sandbox tests examined 20 tokenized applications, including "e-HKD"-settled digital asset transactions. These advances enable faster fund mobilization and liquidity management, reducing costs and improving service experiences.
Hong Kong is also evaluating "e-HKD" for retail use. Following a pilot program, the HKMA aims to complete policy, legal, and technical preparations by mid-2025 for potential retail expansion. These efforts align with a broader vision: a multi-form digital currency framework integrating "e-HKD," tokenized deposits, and regulated stablecoins to support financial innovation.
**Bridging Data Silos** Another "Fintech 2025" pillar is next-gen data infrastructure, creating secure "bridges" for consented data flow between silos. The Commercial Data Interchange (CDI), launched in 2022, connects banks with 17 data providers, facilitating over 71,000 loan applications (totaling HKD 58.1 billion) by September 2025. SMEs across sectors—from bakeries to pet suppliers—leverage CDI to overcome loan application hurdles.
Digital bridges also benefit individuals and corporations. Hong Kong’s open API framework and "Interbank Account Data Sharing" (IADS) service enable secure cross-platform data sharing, with 1,200+ APIs averaging 96 million monthly calls and 15 banks serving 70,000 users (10 million monthly cross-bank data transfers).
Government-bank cross-border linkages further streamline official record verification. CDI integrates trusted sources like the Companies Registry, automating 1.5 million monthly searches, and extends to the Shenzhen-Hong Kong cross-border data platform for borrower verification.
**Global Recognition** Hong Kong’s fintech achievements earned top rankings in recent global financial center assessments, affirming its leadership in financial infrastructure and innovation. As "Fintech 2025" concludes, Yue emphasized that the journey continues, with HKMA set to unveil the next-phase fintech blueprint during the 10th Hong Kong FinTech Week, ensuring the city remains at the forefront of financial technology.