Hong Kong Treasury Bureau, Shenzhen Local Financial Regulatory Bureau: Promote qualified financial institutions to establish financial technology subsidiaries in Hong Kong.

On November 19, the Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region Government, together with the Local Financial Supervision Bureau of Shenzhen, jointly released an announcement on the action plan to create a global financial technology center in the Hong Kong-Shenzhen area. Among the proposals are to attract and gather financial technology innovation entities, strive to establish research centers, evaluation centers, and service centers initiated by national financial regulatory authorities and their direct agencies, encourage Hong Kong payment institutions with overseas acquiring qualifications and payment licenses to establish cross-border payment technology service entities in Shenzhen. Foster a group of financial technology enterprises specialized in providing technology services for licensed financial institutions, with mature digital business models and high technical levels. Support financial technology enterprises in technology exports. Promote eligible financial institutions to legally establish financial technology subsidiaries in Hong Kong, undertake global financial institution data processing, customer service, information technology support, and build global financial technology headquarters. Relying on the Financial Technology Overseas Alliance to establish experience sharing mechanisms and comprehensive solutions, encourage financial institutions to collaborate with financial technology enterprises to expand into international markets, jointly serve the digital transformation needs of the financial industry in countries and regions such as the "Belt and Road Initiative," regularly organize experience sharing and other exchange activities.