Hong Kong Monetary Authority Promotes Blockchain for Payment Solutions

According to Foresight News, the Vice President of the Hong Kong Monetary Authority, Chan Wai-man, highlighted efforts to encourage mainland enterprises to establish overseas business headquarters and corporate treasury centers in Hong Kong. Speaking at the 7th Guangdong-Hong Kong-Macao Greater Bay Area Financial Development Forum, Chan emphasized the coordination of overseas funds. Chan addressed the current challenges in global payment systems, noting the numerous intermediaries and high costs involved. He expressed optimism that technological advancements, such as blockchain, will gradually resolve these issues. Hong Kong is actively advancing the application of central bank digital currencies and commercial bank currencies, aiming to provide more convenient and efficient payment solutions for future cross-border trade and investment.