Financial Leaders Meet

The Financial Leaders Forum chaired by Financial Secretary Paul Chan held its 17th meeting today, in which members were briefed on the latest developments of the insurance-linked securities (ILS) business in Hong Kong.

They acknowledged the joint efforts by the Government and the Insurance Authority in setting up a bespoke regulatory regime and in expediting the first issuance of ILS as well as the progress made, which would strengthen Hong Kong's status as an international risk management centre.

The Monetary Authority also briefed members on its Fintech 2025 Strategy.

The authority will focus on five strategic areas, including promoting digitalisation of banks, furthering its research on central bank digital currency, unleashing the potential of data infrastructure, expanding the fintech talent pool and providing funding and policy support to encourage the financial sector to adopt fintech comprehensively by 2025 and to promote the provision of fair and efficient financial services for the benefit of Hong Kong citizens and the economy.

The Financial Services & the Treasury Bureau also briefed members on the current overall landscape of Hong Kong's bond market and the various measures taken to promote its diversified development.

Members also supported the Government to step up its efforts to strengthen Hong Kong's position as a premier bond hub for Asia.