The Financial Secretary of Hong Kong: continue to promote the use of digital Hong Kong dollars and digital RMB as cross-border payment projects

It is reported that Chen Maobo, the Secretary for Finance of the Hong Kong SAR Government, said in his speech on the 2023-2024 fiscal budget of the SAR Government that we will continue to promote the application testing and preparation of various financial technology infrastructure projects, including the digital Hong Kong dollar and the projects using digital RMB for cross-border payment purposes. In addition, the HKMA is cooperating with the Bank of Thailand to explore how to allow passengers from the two places to pay locally at the speed of Hong Kong and PromptPay from Thailand, so as to provide passengers with a safe, fast and effective payment option.

Interpretation of this information:

Chen Maobo, the Secretary for Finance of the Hong Kong SAR Government, delivered a speech on the 2023-2024 fiscal budget of the government. According to reports, he announced that the government would continue to support the development of various financial technology infrastructure projects, including the digital Hong Kong dollar and projects that utilize digital RMB for cross-border payments.

Furthermore, the HKMA (Hong Kong Monetary Authority) is cooperating with the Bank of Thailand to explore ways to enhance local payment options for travelers between Hong Kong and Thailand. The goal is to provide a safe, fast, and effective payment option that allows passengers to pay locally at the speed of Hong Kong and PromptPay from Thailand.

The message highlights Hong Kong’s commitment to promoting innovation and advancement in financial technology. The government recognizes the value of digital currencies in facilitating cross-border payments and is exploring ways to integrate these options into its financial infrastructure.

One important aspect of this initiative is the partnership between Hong Kong and Thailand. The cooperation between the two countries can promote the use of digital payments and ensure that these options are safe, fast, and efficient. The success of this collaboration can serve as a model for other nations looking to boost cross-border payment options.

Therefore, the three keywords that summarize this message are financial technology, digital currencies, and cross-border payments. The government’s focus on promoting and developing financial technology infrastructure projects, such as the digital Hong Kong dollar and projects utilizing digital RMB for cross-border payments, is a significant step towards meeting the demands of a digital economy. Additionally, this collaboration between Hong Kong and Thailand highlights the importance of international cooperation in promoting and advancing financial innovation.