Xu Zhengyu: Blockchain and AI are key technologies in financial technology. It is hoped that the adoption rate of AI by financial institutions will increase to 87% in the next 3 to 5 years.

Hong Kong Financial Services and Treasury Bureau Director Simon Tse Cheung-yu said at the Fintech Week Forum that blockchain and AI are key technologies in financial technology, bringing tangible benefits to the market, enterprises, and individuals. The SAR government has taken many leading initiatives in blockchain, such as promoting tokenization of bond issuances, which helps improve market efficiency. He pointed out that currently about 75% of financial institutions have adopted or are piloting generative AI, and hopes to increase this proportion to over 87% within the next 3 to 5 years. He also mentioned that they are promoting seamless cross-border payments between Hong Kong and mainland China, further strengthening the credit system in the Greater Bay Area and the convenience of cross-border payments. Tokenization in the currency market is an attractive market that can attract a large amount of funds. Tse Cheung-yu said that many companies have a large amount of idle funds available for investment daily, and there may be a time difference between the availability of funds and receiving returns in the current banking system. However, through blockchain technology, seamless investment of corporate funds can be achieved. He believes that many asset management companies in Hong Kong are considering and adopting relevant technologies and can maximize investment benefits once market opportunities and regulatory requirements are met.