Secretary for Financial Services & the Treasury Christopher Hui attended the Web Summit Vancouver yesterday in Vancouver, Canada, and appealed to technology investors and leaders to grasp the vast business opportunities in the vibrant fintech ecosystem in Hong Kong.

The summit, a mega event for the tech sector, attracts over 10,000 tech investors, entrepreneurs and industry leaders across the world each time it is hosted. This is the first time the summit has been held in Vancouver.

Mr Hui engaged in a panel discussion session titled “Local to global: Strategies for tech success”, which was joined by Minister of Jobs, Economic Development & Innovation of the Province of British Columbia, Canada Diana Gibson. They had an illuminating discussion on the various approaches taken in building dynamic fintech economies, ranging from developing talent, attracting investment to creating opportunities.

The treasury chief noted that Hong Kong is striving to accelerate green and sustainable finance and virtual asset development, with a view to making them key components of the diversified financial value chain. The Monetary Authority has already commenced sandbox experimentation of Project Ensemble, which is a new wholesale central bank digital currency project to support the development of the tokenisation market in Hong Kong.

Mr Hui also updated the summit on the latest passage of legislation last week establishing a licensing regime for fiat-referenced stablecoins issuers in Hong Kong, as a way to further enhance the city's regulatory framework on virtual asset activities for supporting the healthy, responsible and sustainable development of its stablecoin and the broader digital asset ecosystem.

Hong Kong is among the first batch of regions to have introduced stablecoin legislation and strives to fully implement the licensing regime within this year, with a view to approving the first batch of licences as soon as practicable.

Looking forward, Hong Kong will soon promulgate a second policy statement on the development of virtual assets to explore the convergence of traditional finance and virtual assets. A consultation on the licensing regimes for virtual asset over-the-counter trading services and custodian services will also be conducted within this year.

Whie attending the summit, Mr Hui visited exhibition booths manned by Hong Kong delegates. He was pleased to learn that the Hong Kong delegates received encouraging feedback over the past few days, reflecting the world-class standard of Hong Kong fintech talent and their appeal to investors.

In the afternoon, Mr Hui paid a courtesy call on Consul General of the People's Republic of China in Vancouver Yang Shu. Mr Yang said Hong Kong has always been a window of the country to the world and will continue to be. He encouraged Hong Kong to keep up with its work in deepening international exchanges and co-operation.

Before concluding his visit to Canada, Mr Hui visited Bank of Montreal and met its Senior Vice President & Head, Mid-Market, Commercial Bank, Andrew Hung, and Senior Vice President & Head, BC & Yukon, Greg Vriend.

He told them that in a world full of geopolitical uncertainties, Hong Kong's financial market is emerging as a risk-off haven for investors and attracting more investments owing to its connectivity with the Mainland and the world at large, bringing greater prospects for the banking sector and different financial areas.

Mr Hui will return to Hong Kong in the early hours of May 31.