Hong Kong releases budget and expands pilot scope of digital renminbi in Hong Kong

Source: on.cc东网

The fiscal budget was announced today (28th), which mentioned the digital economy. "Digital RMB" will expand the pilot scope in Hong Kong. Citizens will be able to easily open and use digital RMB wallets and add value through "FPS". The government will establish a "Digital Corporate Identity" platform, the enterprise version of "Smart Convenience", which will allow companies to safely and conveniently authenticate corporate identities and verify corporate signatures when using e-government services or conducting online transactions, eliminating cumbersome processes and reducing costs. Time and human error. The relevant budget is approximately HK$300 million, and the target is to gradually launch it from the end of 2026.

The "Digital Economic Development Committee" has conducted in-depth research on how to promote the development of the digital economy in the past two years. The committee's report covers recommendations in multiple areas, including promoting digital policies, strengthening digital infrastructure, and promoting data Safe and orderly flow and use, accelerating the pace of enterprise digital transformation and cultivating talents. The Hong Kong government has commissioned an expert group to conduct in-depth research on how to build a good data trading ecosystem for Hong Kong, including Hong Kong's role as a super connector in data trading and promoting the formulation of international data trade rules.

The HKMA completed the first phase of the "Digital Hong Kong Dollar" pilot program in October last year, studying local retail use cases in a variety of areas, such as programmable payments, offline payments, tokenized deposits, etc. Phase 2 trials are about to begin to further investigate new use cases. Another key project, the "Multiple Central Bank Digital Currency Cross-Border Network" (mBridge), has also made progress. The first phase of services is expected to be launched this year. It will become one of the first in the world to use multiple central bank digital currencies to settle cross-border corporate transactions. s project.

In terms of promoting cross-border data flow, the Innovation and Technology Bureau and the Cyberspace Administration of China launched the "Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong) Standard Contract for Cross-border Flow of Personal Information" in December last year. arrange. In the first phase, the banking, credit reporting and medical industries were invited to participate, and the response from the industry was very positive. The Hong Kong government will refer to the implementation results of the first phase of the trial and gradually expand the facilitation measures so that various industries in the two places can use more mobile cross-border data to provide more cross-border services that are convenient for citizens and businesses.

Regarding the Web3.0 ecosystem, Cyberport currently has more than 220 companies engaged in related technologies, including three unicorns. Cyberport held a number of promotional and educational activities last year, attracting more than 29,000 participants. It also launched a funding scheme to encourage companies to conduct proof-of-concept and accelerate the market application of relevant technologies. Network security and investor and consumer protection are crucial to the development of Web 3.0. In line with the principle of "same business, same risks, same rules", the China Securities Regulatory Commission implemented the licensing system for virtual asset trading platforms in June last year, allowing investors to trade on licensed trading platforms, which not only complies with relevant international standards but also The protection provided to investors puts Hong Kong ahead of many major jurisdictions. In order to strengthen the protection of investors and consumers, the Hong Kong government is launching a consultation on the supervision of over-the-counter trading services for virtual assets. The Hong Kong Monetary Authority will launch a "sandbox" in the short term to allow institutions interested in issuing stablecoins to test the issuance process, business model, investor protection and risk management systems of stablecoins within a controllable range, as well as conduct research on future regulatory requirements. communicate.

The government will allocate HK$100 million from the Social Innovation and Entrepreneurship Development Fund to provide digital training courses and technical support projects for elders aged 60 or above in Hong Kong in the next three years, making it easier for them to Integrate into the digital age and reap the benefits of digital technology. The first batch of projects is expected to be launched as early as the fourth quarter of this year, benefiting at least 50,000 elderly people. The Hong Kong government has added "Smart and Convenient" registration service counters in Guangzhou, Shenzhen Qianhai and Futian, and launched Hong Kong's first "Cross-border Access" self-service machine in Guangzhou to facilitate Hong Kong residents and residents in Greater Bay Area cities. Enterprises use the "Cross-border Service" service and apply for "Smart and Convenient" registration.