Yu Weiwen: "Fintech 2025" promotes the transformation of the banking industry and consolidates Hong Kong's position as a leading international financial center.

On October 24, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), posted a blog stating that financial technology (Fintech) is rapidly evolving and financial services are undergoing transformation, bringing new opportunities and challenges. The HKMA is proactively driving the banking industry in Hong Kong towards a more innovative and resilient future through its Fintech 2025 initiative. As this journey is about to enter a new chapter, it is a good time to review the three key pillars behind the strategy - promoting digitalization of banks comprehensively, expanding the talent pool in Fintech, and supporting ecosystem development through resource policies. The other two pillars, including central bank digital currency and data infrastructure, will be discussed in next week's article in "Omnimind". These pillars have reinforced Hong Kong's position as a leading international financial center and further advanced the process of digital transformation. Eddie Yue continued to state that these targeted measures have not only promoted the development of next-generation banking services but are also shaping a more innovative, inclusive, and resilient ecosystem. Building on this momentum, we are about to enter a new phase of financial technology strategy. Through a series of specific measures and regulatory guidelines, we have successfully completed the journey of comprehensive digitalization of banks. We have gone further by accelerating responsible innovation, expanding the talent pool in Fintech, and supporting ecosystem development through resource policies, encouraging banks to adopt new technologies actively while maintaining the stability of the Hong Kong financial system. This journey of financial technology has solidified Hong Kong's leading position in the global financial technology field. As technology continues to reshape the global financial landscape, Hong Kong is ready to lead the next wave of innovation, elevating the level of banking services to a higher level. Original text: "Fintech 2025" Driving Transformation of Hong Kong's Banking Industry Financial technology (Fintech) is rapidly evolving, and financial services are undergoing transformation, bringing new opportunities and challenges. The Hong Kong Monetary Authority (HKMA) is proactively driving Hong Kong's banking industry towards a more innovative and resilient future through "Fintech 2025." As this journey is about to enter a new chapter, it is a good time for us to review the three key pillars behind the strategy - promoting digitalization of banks comprehensively, expanding the talent pool in Fintech, and supporting ecosystem development through resource policies. The other two pillars, including central bank digital currency and data infrastructure, will be discussed in next week's "Omnimind". These pillars have reinforced Hong Kong's position as a leading international financial center and further advanced the process of digital transformation. From "Comprehensive Promotion of Digitalization of Banks" to "Successful Implementation of Digitalization of Banks" "Comprehensive Promotion of Digitalization of Banks" aims to support banks in applying financial technology comprehensively in the front, middle, and back office of their business operations. In this regard, the HKMA has undertaken a series of work to encourage banks to adopt financial technology in various business areas: Digital banks - New participants in the digitalization journey The eight digital banks (formerly known as virtual banks) have been rapidly expanding their customer base since their establishment, attracting young and small to medium-sized enterprise users. The native digital business model of digital banks covers core services such as savings and loans, with some also starting to offer investment and insurance products, stimulating traditional banks to accelerate their own digital upgrades."