Hong Kong Monetary Authority: This year will collaborate with non-profit organizations to promote "Smart Saving" to the elderly.

Arthur YUEN, Deputy Chief Executive of the Hong Kong Monetary Authority, stated that the "iAM Smart" initiative was fully launched in December last year and will be promoted to the elderly in collaboration with non-profit organizations this year. He pointed out that "iAM Smart" is not only for the elderly, but for all citizens. Regarding the temporary service disruption of the HSBC HK mobile app last Friday, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated that HSBC has reported to the HKMA and the service was restored within hours. Eddie Yue said that the HKMA has requested banks to provide detailed reports to identify the root cause and, according to preliminary understanding by the bank, the issue was related to internal systems and not to cyberattacks. He hoped that HSBC would conduct a detailed investigation as soon as possible to ensure the stability of the system and reduce the chances of a recurrence. Eddie Yue emphasized that embracing digital finance or fintech is a major trend and banks need to strengthen their risk management and operational resilience to ensure the stability and robustness of services. He also stressed that this would be an area that the HKMA would strengthen in the coming years.