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HKSE Managing Director: Hong Kong is Eyeing Blockchain and Virtual Banking

Around the globe, every “Bay Area” boats its claim to fame. In Southern China, Guangdong province, Hong Kong, and Macao together are home to 67.5 million people. These three districts form China’s famous Guangdong-Hong Kong-Macao Greater Bay Area.

In the development process of the Greater Bay Area, financial development is undoubtedly becomes one of the most important factors.

Ba Shusong, managing director of the Hong Kong Stock Exchange (HKSE) and chief economist in China, gave a speech at a technology conference in Shenzhen titled The Financial Development of Guangdong-Hong Kong-Macao Greater Bay Area: Status and Trends on November 29. 微信图片_20181130015013

Ba commented that, the Guangdong-Hong Kong-Macao Greater Bay Area’s financial technology is generally in a leading position worldwidely and it still has great potential. From the perspective of the Fintech, the Greater Bay Area is building a comprehensive financial ecosystem in industry level, but there is still room for improvement.

Ba indicated that Guangdong covers the full categories of Fintech while Hong Kong is mainly focusing on blockchain and virtual banking development.

From the perspective of financial supervision, Ba Shusong believes that the Guangdong-Hong Kong-Macao Greater Bay Area benefits from ‘triple regulatory systems’ and ‘multiple regulatory authorities’. The Greater Bay Area has gathers advantages from both the US and Japan’s regulatory system, and is actively exploring its own financial regulatory framework.

The Greater Bay Area also holds a friendly attitude towards blockchain technology. Earlier this month, a new blockchain alliance has been establish in this area. It was reported that, initially, there are 54 companies, including big names like Alibaba’s Ali Health and CASI-Cloud, a major industrial internet platform in China, from Guangdong, Hong Kong and Macao have joined the alliance. They cover many areas of blockchain, such as technology, fund, incubation and trading.

Chinese government wants to build the Greater Bay Area into a new economic center. This area can also be a sandbox for blockchain adoption.

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