As Hong Kong is investigating the possibility of launching its own retail Central Bank Digital Currency (CBDC), HKUST Business School recently hosted the “Fintech Industry Dialogue: Retail CBDC in Hong Kong”, sponsored by HSBC. The event brought together the Hong Kong Monetary Authority (HKMA), leading firms in the banking, payment and technology sectors, as well as fintech and retail industry practitioners, under one roof to discuss issues surrounding the possible implementation of retail CBDC, i.e. e-HKD.
The panel includes (from right) Mr. Vincent LAU, Director, Global Head of Emerging Payments Product, Global Payments Solutions, Asia Pacific, HSBC; Mr. Nelson CHOW, Chief Fintech Officer of the Hong Kong Monetary Authority, and Ms. Jennifer TAN, the Executive Vice President – Strategy Development and Government Affairs, GBA of Ant Group; and moderator Prof. TAM Kar Yan, Dean of HKUST Business School.
The interactive discussion among industry participants has taken a deep dive into major areas of concern from both policy and technical aspects, including system operation, privacy, security and risk management, building upon the survey findings on public perception of e-HKD announced by the School earlier.
In furthering the city’s e-HKD readiness, HKUST will also pioneer an e-HKD test run in collaboration with HSBC on the HKUST campus commencing in September 2023, as a project under the HKMA’s e-HKD Pilot Programme. This proof-of-concept research project will consist of the implementation of a real-life e-HKD payment service and surveys, involving customers and merchants on campus, to generate insights on the way forward for the subject. Stay tuned for updates and feedback on the campus test run.
HKUST Business School’s “Fintech Industry Dialogue: Retail CBDC in Hong Kong” seminar engages fintech industry stakeholders to explore the benefits and challenges of e-HKD adoption.