Hui Ching-yu: Hong Kong Ranks First Globally in Fintech; Steering Group Focuses on Virtual Asset Regulation and AI Applications

On October 26, Hui Ching-yu, Secretary for Financial Services and the Treasury of Hong Kong, chaired the sixth meeting of the Fintech Project Implementation Steering Group, exchanging views with representatives from financial regulators, the fintech sector, and academia on the latest developments in Hong Kong's fintech. Hui said the Hong Kong government attaches great importance to promoting fintech development. According to the latest Global Financial Centres Index report released last month, Hong Kong retained its global ranking of first in fintech, underscoring its status as a global fintech hub. Hui added that the work of the Fintech Project Implementation Steering Group helps promote cross-sector coordination and cooperation. The government will take into account the valuable suggestions put forward by industry representatives and continue to work with financial regulators on a multi-pronged approach to promote fintech development, including improving financial infrastructure, further enriching the fintech ecosystem, nurturing fintech talent, and strengthening connections and cooperation with other places. At the meeting, participants exchanged views on various fintech areas, including the proposed regulatory regime for virtual asset trading, custody, advisory, and management services. Financial regulators also reported on the latest progress in applying artificial intelligence in financial markets. In addition, the Hong Kong Monetary Authority reported on the latest developments of Project Ensemble, the quantum readiness of Hong Kong's banking sector, and the Commercial Data Interchange and Project CargoX. The steering group was informed that Hong Kong Fintech Week 2026 will be held under the theme "Fintech Hub: Connecting the World, Co-building the Future" from November 2 to 6, jointly with the StartmeupHK Festival, with the main forum to be held at the Hong Kong Convention and Exhibition Centre from November 2 to 3. Now in its 11th edition, the annual global flagship event will continue to bring together participants from relevant fields around the world. The Treasury Bureau and Invest Hong Kong will join hands with participating units and the industry to showcase the vitality of Hong Kong's fintech ecosystem to the global market. The Secretary for Financial Services and the Treasury chairs the Fintech Project Implementation Steering Group. Members include representatives from the HKMA, the Securities and Futures Commission, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Accounting and Financial Reporting Council, Invest Hong Kong, Cyberport, and the Hong Kong Science and Technology Parks Corporation.