Hong Kong Fintech Week Opens, People's Bank of China Launches Three Measures to Promote Financial Digitalization

Chief Executive John Lee stated that Hong Kong will support fundraising by mainland technology companies, encourage secondary listings of overseas companies, and welcome the return of Chinese concept stocks. The Hong Kong Monetary Authority (HKMA) will utilize currency swaps with the People's Bank of China (PBOC) to provide companies with longer-term RMB financing. PBOC Vice Governor Lu Lei announced three measures: promoting the implementation of "AI + Finance" policies, activating financial data elements and cross-border compliant flows, and strengthening regulatory coordination with Hong Kong and Macau while conducting cross-border innovation testing. Simultaneously, the HKIPS onshore business will be expanded, launching "Northbound/Southbound Connect" settlement and Hong Kong dollar clearing to improve the efficiency of cross-border bond trading and settlement between the two places.