Chan Mo-po: Shanghai and Hong Kong will deepen financial connectivity and promote the application of AI and blockchain
B.news
Today, Hong Kong Financial Secretary Paul Chan Mo-po made it clear at the launch ceremony of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" that Hong Kong and Shanghai will comprehensively upgrade financial cooperation and build a closer financial collaborative development pattern by deepening market connectivity, promoting standard unification and financial innovation.
According to the latest action plan, Shanghai and Hong Kong will carry out in-depth cooperation around three core areas: first, unify financial industry standards and promote product innovation collaboration; second, build an information sharing platform to improve market transparency; third, focus on cutting-edge technologies such as artificial intelligence and blockchain to promote their large-scale application in asset management, insurance services, payment settlement and other scenarios.
In terms of the construction of the interconnection mechanism, Paul Chan pointed out that the two sides will focus on breakthroughs in four major areas: in the field of cross-border clearing, optimize the efficiency of fund settlement through technology upgrades; in the gold market, realize two-way interoperability of trading products and services; in the field of digital currency, explore innovative application scenarios for cross-border payment of digital RMB; at the same time, support Shanghai financial institutions to expand reinsurance business with the help of Hong Kong's international platform and improve the financial service chain.
Looking back on the cooperation process, since the launch of the Shanghai-Hong Kong Stock Connect in 2014, the interconnection of the two financial markets has been continuously upgraded, gradually expanding from the stock market to bonds, derivatives and other fields. Taking Bond Connect as an example, the implementation of the "Northbound Connect" and "Southbound Connect" has greatly lowered the threshold for cross-border investment. In the first three quarters of 2024, the average daily turnover of northbound and southbound transactions has achieved significant growth.
In the field of financial technology, Hong Kong has accumulated rich experience in technology research and development and scenario implementation with its industrial cluster of more than 1,100 financial technology companies and a complete AI application policy framework. As a domestic financial technology innovation highland, Shanghai has achieved remarkable results in the expansion of technology application scenarios. This cooperation will give full play to the advantages of the two places, such as using AI technology to optimize asset pricing models and building a credible insurance claims system through blockchain technology.
Analysts pointed out that the deepening cooperation between Shanghai and Hong Kong will not only help enhance the international competitiveness of the financial markets of the two places, but also inject new momentum into the internationalization of the RMB. As various measures are gradually implemented, it is expected to attract more international capital participation and further consolidate the global influence of China's financial market.
