To pave the way for the possible implementation of e-HKD in Hong Kong, the School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School) hosted an industry seminar to collate insights from the Hong Kong Monetary Authority (HKMA), leading firms in the banking, payment and technology sectors, as well as fintech industry practitioners, on issues surrounding retail Central Bank Digital Currency (CBDC), i.e. e-HKD, including those on system operation, privacy, security and risk management.
Sponsored by HSBC as part of the strategic partnership between the bank and HKUST to facilitate fintech development and featuring speakers from HKMA, HSBC, Ant Group and the School, the seminar engaged participants in a lively discussion, building on the survey findings on public perception of e-HKD announced by the School earlier.
Mr. Nelson CHOW, Chief Fintech Officer of the HKMA, said, “CBDC is beyond doubt one of the hottest topics in the central banking community today. While the HKMA has not yet made a decision on whether and when to introduce e-HKD, we are fostering a government-industry-academia partnership to enrich our perspective on key policy and design issues surrounding CBDC. To create innovative use cases, collective wisdom and effort of the industry and academia would be indispensable. Together we can maximise our readiness for a potential e-HKD and shape the future of money in Hong Kong.”
Mr. Vincent LAU, Director, Global Head of Emerging Payments Product, Global Payments Solutions, Asia Pacific, HSBC, commented, “e-HKD is a transformative force that has the potential to allow banks to create innovative propositions, improve efficiency and provide better customer experience. As one of the leading financial institutions in Hong Kong, HSBC is participating in two projects under the Hong Kong Monetary Authority’s e-HKD Pilot Programme to explore e-HKD as an enabler for faster and safer transactions for merchants and households alike. We are confident that these pilots will provide industry with comprehensive insights on the upcoming new form of money and its possible use cases.”
Ms. Jennifer TAN, the Executive Vice President - Strategy Development and Government Affairs, GBA of Ant Group said, “Thank you HKUST Business School for inviting me as a panel speaker in this seminar. Ant Group is proud that its subsidiary, AlipayHK, is among the first batch to participate and support the e-HKD Pilot Programme. The Programme is a testament to Hong Kong's forward-looking strategic leadership as a fintech innovation hub. We look forward to working closely with the HKMA and other partners to explore and hone the strategies of e-HKD, and leveraging on the Pilot programme to drive business growth of small and medium-sized businesses through digital marketing at a low cost.”
Dean of HKUST Business School Professor TAM Kar Yan, moderator of the seminar, said, “Building on the strong interest sparked by the HKMA e-HKD Pilot Programme in this new electronic form of central bank money, this seminar presents a unique opportunity to engage policymakers and industry practitioners and illuminate the benefits and challenges surrounding e-HKD adoption. We are very grateful to the industry participants for their valuable insights, which are instrumental to Hong Kong’s preparatory work for e-HKD.”
As one of the participating use cases under the HKMA’s e-HKD Pilot Programme, HKUST and HSBC will also kick off a pilot at the HKUST campus in September 2023. This e-HKD proof of concept research project will consist of on-campus implementation of a real-life e-HKD payment service and surveys of its users, primarily customers and merchants, to generate insights on people’s attitude and usage patterns with regard to a retail CBDC in Hong Kong.
END
Mr. Nelson Chow, Chief Fintech Officer of the Hong Kong Monetary Authority (second from right); Mr. Vincent Lau, Director, Global Head of Emerging Payments Product, Global Payments Solutions, Asia Pacific, HSBC (first from right), and Ms. Jennifer Tan, the Executive Vice President – Strategy Development and Government Affairs, GBA of Ant Group (second from left), share their views on e-HKD at a fintech industry seminar moderated by Prof. Tam Kar Yan, Dean of HKUST Business School (first from left).
HKUST Business School’s “Fintech Industry Dialogue: Retail CBDC in Hong Kong” seminar engages the fintech industry to explore the benefits and challenges of e-HKD adoption.
About the HKUST Business School
The School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School) is young, innovative and committed to advancing global business knowledge. The School has forged an international reputation for world class education programs and research performance, and has received many top global rankings. For more details about the School, please visit https://bm.hkust.edu.hk
For media enquiries, please contact:
HKUST Business School
Danny LEE
Tel: (852) 3469 2090
Email: dannyyklee@ust.hk