Smart devices slash water waste

Source: Hong Kong Information Services

With the launch of the Water Smart Taskforce Programme, the Water Supplies Department (WSD) is on track this year to save a large amount of precious water with the use of smart meter readers and data analytics.

The department knows that water is an integral part of our daily lives given that each Hong Kong resident currently consumes an average of about 130 litres of water per day.

Detecting waste

In order to strengthen the promotion of water conservation, the WSD has commissioned the Centre for Water Technology & Policy at the University of Hong Kong to carry out the programme, from February this year until early next year.

The department is inviting about 1,000 domestic and non-domestic customers of high water consumption in phases to join the programme that enables a taskforce to conduct detailed “water-usage check-ups” for such customers, helping them to understand their water consumption habits.

According to department’s big data analytics, about 1% of domestic customers account for over 15% of the city’s total domestic water consumption.

WSD Senior Engineer (Water Conservation) Peter Fung explained how the programme detects such water wastage.  

“To analyse the causes for high consumption, the taskforce uses a smart water meter reader with high precision and artificial intelligence (AI)-powered technologies to analyse customers’ water usage data. For example, the taskforce can identify whether domestic water usage is mainly for cooking, laundry or showering, and compare these findings with the averages of other households.”

He highlighted that the programme will help customers understand their water usage habits or even identify potential leaks, enabling them to take early and appropriate actions to reduce their water bills. The programme aims to reduce water usage by 500,000 cubic metres this year, which is equivalent to 200 Olympic-sized swimming pools.

Precision diagnostics

Customers participating in the programme will engage in an eight-week water conservation campaign. The taskforce will install smart water meter readers on the existing meters, without requiring any pipe modifications or affecting the water supply. The data will then be transmitted to the University of Hong Kong (HKU) for AI-driven analysis, detecting abnormalities and potential leaks.

HKU’s Centre for Water Technology & Policy Executive Director Fredrick Lee shared more information on how the programme works.

“In the third week of the water conservation campaign, we will make use of AI technologies to analyse the water usage data that we have collected by the smart water meter readers, and should we determine any abnormalities in the water usage pattern, we will make use of an algorithm developed in-house to look into the root causes and problems. We will give midterm reports with personalised water-saving advice to the programme participants and they can then change their water usage behaviour accordingly.”

By the end of the eight-week programme, final reports will be provided to the participants, from that they can understand clearly how their water conservation efforts are taking effect.

Mr Lee emphasised that among the first batch of the programme participants in the domestic sector, more than 80% of them were able to reduce their water consumption.

Corporate participation

A company with three hotels, which consistently experiences high water consumption, has been invited to participate in the programme. The head of the company’s sustainability department believes the programme can help them to gain a more comprehensive understanding of their hotels’ water consumption patterns and distribution.

Property & Hotel Group Sustainability Department General Manager Amie Lai described their experience as a win-win once they put the programme to the test.

“The smart water meter readers continuously monitor the water consumption in the hotels, providing granular data for analysis and visualisation on the cloud platform. The system facilitates improvements and allows our colleagues to implement specific and effective actions promptly.”

She added that the programme empowers their hotels to uncover water-saving opportunities, slash utility costs and enhance sustainable water management, thereby advancing their sustainability goals.

ICH month starts

Source: Hong Kong Information Services

In support of the annual Cultural & Natural Heritage Day on the second Saturday of June designated by the country, the Leisure & Cultural Services Department’s Intangible Cultural Heritage Office (ICHO) will launch the first Hong Kong Intangible Cultural Heritage (ICH) Month in June.

Addressing the opening ceremony for Hong Kong ICH Month 2025 at the Cultural Centre today, Deputy Chief Secretary Cheuk Wing-hing said that starting this year, the Government will designate June as Hong Kong ICH Month, thereby deepening the implementation of Cultural & Natural Heritage Day.

Hong Kong ICH Month also aims to present a vibrant annual mega ICH event through a series of engaging programmes. With the theme “ICH Around Town”, the inaugural Hong Kong ICH Month will fully showcase that despite Hong Kong’s relatively small geographic size, ICH can be found everywhere.

He said the programmes will give the public and tourists a greater insight into ICH, and enable their first-hand experience of the cultural richness of ICH, as well as the pleasure.

Hong Kong ICH Month 2025’s programmes include 80 ICH performances, 60 interactive experiential booths and 20 ICH Highlight Tours, covering over 100 ICH items and bringing together over 50 ICH practitioners, including representative bearers of the national ICH.

Moreover, the ICHO is launching the ICH Carnival at the Cultural Centre Piazza today and tomorrow, kicking off Hong Kong ICH Month 2025.

The carnival offers diverse performances of Hong Kong ICH items, such as the lion dance and Engor parade, Cheung Chau floating colours and dragon dance parade, the Hakka unicorn dance in Hang Hau in Sai Kung, Cantonese opera excerpts, Nanyin, Yip Man Wing Chun, Tai Chi, Pixiu dance, and dragon boat dance.

There are also more than 10 interactive experiential booths at which the public can participate in and learn the techniques of crafting flower boards and wooden furniture, as well as making Chinese brushes and clay sculptures and more. ICH organisations and practitioners will also provide demonstrations on-site. Admission is free.

Click here for details of the carnival.

CE meets new Liaison Office Director

Source: Hong Kong Information Services

Chief Executive John Lee met new Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (LOCPG) and National Security Adviser to the Committee for Safeguarding National Security of the Hong Kong Special Administrative Region Zhou Ji at Government House today.

They exchanged views on a range of issues, including Hong Kong’s opportunities and challenges, and promoting the city’s long-term prosperity and stability.

Mr Lee expressed his gratitude to the central government for its continued support to and care for Hong Kong, driving and supporting its transition from stability to prosperity. He also extended his warm welcome to Mr Zhou on his new appointment.

Mr Zhou has had extensive experience in local governance and policy-making from a macroscopic perspective, having previously held such positions as CPC Hubei Standing Committee Member, CPC Henan Standing Committee Member and CPC Henan Provincial Committee Deputy Secretary, and Henan Party Leadership Group Deputy Secretary and Henan Vice Governor.

Since taking office in July 2023 as CPC Central Committee Hong Kong & Macao Work Office Executive Deputy Director and State Council Hong Kong & Macao Affairs Office Executive Deputy Director, Mr Zhou has been participating in taking forward Hong Kong’s work under national development strategies.

He is well acquainted with the national policies on Hong Kong and actively promoted the implementation of the central government’s policies benefitting the city.

Mr Lee expressed confidence in working with Mr Zhou in actively aligning with national development strategies, as well as in implementing fully, faithfully and resolutely the principles of “one country, two systems” and “Hong Kong people administering Hong Kong” with a high degree of autonomy, maintaining the constitutional order of the Hong Kong SAR as stipulated in the Constitution and the Basic Law, implementing the executive-led structure and implementing the principle of “patriots administering Hong Kong”, with a view to ensuring the long-term prosperity and stability of Hong Kong, the steadfast and successful implementation of the “one country, two systems” principle, and jointly expediting the development of Hong Kong from stability to prosperity.

During the session, Mr Lee said that Hong Kong is currently undergoing an economic transformation, and that the Hong Kong SAR Government will uphold fundamental principles while breaking new ground, endeavour to take forward reforms, and continue to lead all sectors of Hong Kong society to embrace changes and strive for innovation, actively exploring new areas of development and growth.

The Chief Executive said he believes that under the leadership of Mr Zhou, the LOCPG will continue to support the Hong Kong SAR Government’s governance in accordance with the law.

Noting that Mr Zhou is well acquainted with Hong Kong affairs, Mr Lee said that this will help Hong Kong better contribute to and benefit from its integration into national development, the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt & Road Initiative.

The session was conducted in a cordial and productive atmosphere, with both officials sharing the common goal of expediting Hong Kong’s rise from stability to prosperity.

CE meets new Liaison Office Director (with photo)

Source: Hong Kong Government special administrative region

​The Chief Executive, Mr John Lee, met the new Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (LOCPG) and National Security Adviser to the Committee for Safeguarding National Security of the Hong Kong Special Administrative Region (HKSAR), Mr Zhou Ji, at Government House today (May 31). They exchanged views on a range of issues, including the social situation, opportunities and challenges of Hong Kong, and promoting the long-term prosperity and stability of Hong Kong.
 
Mr Lee expressed his gratitude to the Central Government for its continued support to and care for Hong Kong, driving and supporting Hong Kong’s transition from stability to prosperity. He extended his warm welcome to Mr Zhou on his new appointment. Mr Zhou had extensive experience in local governance and policy-making from a macroscopic perspective. Mr Zhou previously held such positions as Member of the Standing Committee of the CPC Hubei Provincial Committee, Member of the Standing Committee and Deputy Secretary of the CPC Henan Provincial Committee, and Deputy Secretary of the Party Leadership Group and Vice Governor of the Henan Provincial Government, demonstrating outstanding leadership in national administration.
 
Since taking office in July 2023 as the Executive Deputy Director of the Hong Kong and Macao Work Office of the CPC Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Zhou has been directly participating in taking forward Hong Kong’s work under national development strategies. He is well acquainted with the national policies on Hong Kong and actively promoted the implementation of the Central Government’s policies benefitting Hong Kong. Last year, Mr Zhou led a delegation to visit Hong Kong to gain better insights into economic development, providing his important views to the formulation of measures benefitting Hong Kong. He has also undertaken extensive efforts to ensure the measures achieve optimal results.
 
Mr Lee said he is confident to work with Mr Zhou in actively aligning with national development strategies, as well as in implementing fully, faithfully and resolutely the principles of “one country, two systems” and “Hong Kong people administering Hong Kong” with a high degree of autonomy, maintaining the constitutional order of the HKSAR as stipulated in the Constitution and the Basic Law, implementing the “executive-led” structure and implementing the principle of “patriots administering Hong Kong”, with a view to ensuring the long-term prosperity and stability of Hong Kong, the steadfast and successful implementation of the “one country, two systems” principle, and jointly expediting the development of Hong Kong from stability to prosperity.
 
During the meeting, Mr Lee said that Hong Kong is currently undergoing an economic transformation, and that the HKSAR Government will uphold fundamental principles while breaking new ground, endeavour to take forward reforms, and continue to lead all sectors of Hong Kong society to embrace changes and strive for innovation, actively exploring new areas of development and growth.
 
Mr Lee said he believes that under the leadership of Mr Zhou, the LOCPG will continue to support the HKSAR Government’s governance in accordance with the las. Noting that Mr Zhou is well acquainted with Hong Kong affairs, Mr Lee said that this will help Hong Kong better contribute to and benefit from its integration into national development, the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt and Road Initiative. The meeting was conducted in a cordial and productive atmosphere, with both Mr Lee and Mr Zhou sharing the common goal of expediting Hong Kong’s rise from stability to prosperity.

Hong Kong ICH Month 2025 kicks off with a Carnival of exciting performances and interactive experiential booths (with photos)

Source: Hong Kong Government special administrative region

Hong Kong ICH Month 2025 kicks off with a Carnival of exciting performances and interactive experiential booths  
     Addressing the opening ceremony, the Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing, said that starting this year, the Hong Kong Special Administrative Region Government will designate June as Hong Kong ICH Month, thereby deepening the implementation of the Cultural and Natural Heritage Day. Hong Kong ICH Month also aims to present a vibrant annual mega Intangible Cultural Heritage (ICH) event through a series of engaging programmes. With the theme “ICH Around Town”, the inaugural Hong Kong ICH Month will fully showcase that despite Hong Kong’s relatively small geographic size, ICH can be found everywhere. He said the programmes will give the public and tourists a greater insight into ICH, and enable their first-hand experience of the cultural richness of ICH as well as the pleasure .
 
     Other officiating guests included the Under Secretary for Culture, Sports and Tourism, Mr Raistlin Lau; the Chairperson of the Working Group on Patriotic Education under the Constitution and Basic Law Promotion Steering Committee and Legislative Council Member, Dr Starry Lee; Legislative Council Member Mr Kenneth Fok; the Chairperson of the ICH June and Legislative Council Member, Professor Lau Chi-pang; the Chairperson of the ICH Advisory Committee, Professor Ricardo Mak; the Director of Leisure and Cultural Services, Ms Manda Chan; and the Head of the ICHO, Ms Judith Ng.
 
     Moreover, the ICHO is launching the ICH Carnival at the Hong Kong Cultural Centre Piazza today and tomorrow (May 31 to June 1) with the aspiration of rolling out ICH festive events across the territory, kicking off the Hong Kong ICH Month 2025. The Carnival offers diverse performances of Hong Kong ICH items, such as lion dance and Engor parade, Cheung Chau floating colours and dragon dance parade, Hakka unicorn dance in Hang Hau in Sai Kung, Cantonese opera excerpts, Nanyin, Yip Man Wing Chun, Tai Chi, Pixiu dance, and dragon boat dance. There are also more than 10 interactive experiential booths, at which members of the public can participate in and learn the techniques of crafting flower boards and wooden furniture, and making Chinese brushes and clay sculptures, etc. ICH organisations and practitioners will also provide demonstrations on-site. Admission is free. For details of the Carnival, please visit the website: www.icho.hk/en/web/icho/hk_ich_month_2025_fiesta.html 
     ​Hong Kong ICH Month 2025 is presented by the Culture, Sports and Tourism Bureau, and organised by the ICHO of the LCSD with ICH June as the strategic partner. Delightful programmes include 80 ICH performances, 60 interactive experiential booths and 20 “ICH Highlight Tours”, covering over 100 ICH items and bringing together over 50 ICH practitioners, including representative bearers of the national ICH. ​
Issued at HKT 18:19

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Tunnel runs smoothly after takeover

Source: Hong Kong Information Services

The Transport Department said that the Government took over the Tai Lam Tunnel at 0.00am, and that the implementation of the new tolls and HKeToll has mostly been smooth so far.

Commissioner for Transport Angela Lee visited the Tai Lam Tunnel Administration Building in the small hours of today and was briefed by the operator’s management on the switchover works conducted during its full closure.

She also oversaw the tests and preparations prior to the introduction of HKeToll at the control centre.

The transport chief met tunnel management and engineering personnel of the operator and thanked the team for racing against time in completing the takeover work thoroughly, efficiently and smoothly.

Ms Lee was glad to note that the tunnel reopened at 5am as scheduled with the launch of HKeToll. She appreciated the tireless efforts of the multidisciplinary team comprising the Transport Department, the Highways Department and the Electrical & Mechanical Services Department in completing the necessary drills as well as installing adequate traffic signs and road markings, providing motorists with a smoother road experience.

The Transport Department’s Emergency Transport Co-ordination Centre has been closely monitoring the traffic conditions before and after the takeover of the tunnel, and the traffic in both directions has generally been smooth so far. In addition, the traffic of alternative routes, such as Tuen Mun Road and Tolo Highway, has largely been smooth.

The centre will closely monitor the overall traffic conditions on June 2, the first working day, including the application of time-varying tolls on private cars and motorcycles at the tunnel for the first time.

Ms Lee said that as motorists, transport trades and members of the public may take time to adapt to new routes and adjust their commuting habits, traffic flow and public transport services will be closely monitored in the vicinity of the tunnel.

Following the substantial reduction of tolls and the roll-out of HKeToll, the Transport Department hopes to make optimal use of the tunnel’s spare capacity effectively to alleviate the busy traffic on alternative routes, such as Tuen Mun Road, thereby improving the flow of people and freight between the New Territories West/North and the urban areas, as well as achieving the objective of providing a smooth commute and bringing benefits to all sectors.

Treasury chief joins tech mega event

Source: Hong Kong Information Services

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.

CE welcomes new liaison chief

Source: Hong Kong Information Services

Chief Executive John Lee today welcomed Zhou Ji assuming his new posts as Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (LOCPG) and National Security Adviser to the Committee for Safeguarding National Security of the Hong Kong Special Administrative Region.

In a statement on the appointment by the State Council, Mr Lee noted that since July 2023, Mr Zhou has been serving as CPC Central Committee Hong Kong & Macao Work Office Executive Deputy Director and State Council Hong Kong & Macao Affairs Office Executive Deputy Director, directly participating in the management and co-ordination of Hong Kong affairs, adding that he is well acquainted with the national policies on Hong Kong.

Mr Lee said: “I sincerely thank the central government for its care and support for the Hong Kong SAR. I am fully confident that Mr Zhou will lead the LOCPG in continuing its support to the Hong Kong SAR Government’s governance in accordance with the law, working together with us in fully, faithfully and resolutely implementing the principles of ‘one country, two systems’, ‘Hong Kong people administering Hong Kong’ and a high degree of autonomy. We will together maintain the constitutional order of the Hong Kong SAR as stipulated in the Constitution and the Basic Law and implement the principle of ‘patriots administering Hong Kong’.

“I am also confident that Mr Zhou will lead the LOCPG in its continued co-operation with the Hong Kong SAR Government of promoting the Hong Kong SAR’s proactive alignment with national strategies, creating new momentum and advantages for Hong Kong’s economic development, promoting Hong Kong’s transition from stability to prosperity through innovation and invention, and making greater contribution to the great rejuvenation of the Chinese nation.”

Meanwhile, the State Council announced the departure of Zheng Yanxiong from the posts of LOCPG Director, State Council Hong Kong & Macao Affairs Office Deputy Director and National Security Adviser of the committee.

Mr Lee, together with the Hong Kong SAR Government, expressed their gratitude to Mr Zheng for his contribution in performing his duties, including steadfastly upholding the “one country, two systems” principle on issues such as safeguarding national security and maintaining the Hong Kong SAR’s constitutional order in his tenure of over two years.

The Chief Executive pointed out that during his office, Mr Zheng fully supported the Hong Kong SAR Government in fulfilling its constitutional responsibility and historic mission of enacting local legislation for Article 23 of the Basic Law. The Safeguarding National Security Ordinance, which entered into force on March 23, 2024, has strengthened Hong Kong’s legal regime in safeguarding national security.

Mr Zheng has all along held the issues of providing a better living and working environment for the people of Hong Kong, youth development, and Hong Kong’s leverage of the opportunities of the Guangdong-Hong Kong-Macao Greater Bay Area close to his heart, Mr Lee added.

Substantial reduction of tolls and implementation of HKeToll mostly smooth at Tai Lam Tunnel (with photos)

Source: Hong Kong Government special administrative region

Substantial reduction of tolls and implementation of HKeToll mostly smooth at Tai Lam Tunnel  
     The Commissioner for Transport, Ms Angela Lee, visited the TLT Administration Building in the small hours today and was briefed by the operator’s management on the switchover works conducted during its full closure. She also oversaw the tests and preparations prior to the introduction of the HKeToll at the control centre. She met with tunnel management and engineering personnel of the operator and thanked the team for racing against time in completing the takeover work thoroughly, efficiently and smoothly.
 
     Ms Lee was glad to note that the TLT reopened at 5am as scheduled with the launch of the HKeToll. She appreciated the tireless efforts of the multidisciplinary team comprising the TD, the Highways Department and the Electrical and Mechanical Services Department in completing the necessary drills as well as installing adequate traffic signs and road markings, providing motorists with a smoother road experience as they do not have to stop or queue for payment.
 
     The TD’s Emergency Transport Co-ordination Centre (ETCC) has been closely monitoring the traffic conditions before and after the takeover of the TLT, and the traffic in both directions has generally been smooth so far. In addition, the traffic of alternative routes, such as Tuen Mun Road and Tolo Highway, has largely been smooth. The ETCC will closely monitor the overall traffic conditions on June 2, the first working day, including the application of time-varying tolls on private cars and motorcycles at the TLT for the first time.
 
     Under the new tolls, tolls for all vehicle types are lower than previous tolls by 22 to 80 per cent. Among them, tolls for private cars in the peak, normal and off-peak time slots from Monday to Saturday are $45, $30 and $18 respectively, with a fixed toll of $18 throughout the day for Sunday and general holidays. The motorcycle toll for all time slots is set at 40 per cent of the private car toll, i.e. between $7.2 and $18. Taxis and other commercial vehicles (such as goods vehicles and buses) continue to have a fixed toll on all days: $28 for taxis and $43 for other commercial vehicles.
 
     Ms Lee said, “As motorists, transport trades and members of the public may take time to adapt to new routes and adjust their commuting habits, we will closely monitor the traffic flow and public transport services in the vicinity of the TLT. Following the substantial reduction of tolls and the roll-out of the HKeToll, we hope to make optimal use of the TLT’s spare capacity effectively to alleviate the busy traffic on alternative routes, such as Tuen Mun Road, thereby improving the flow of people and freight between the New Territories West/North and the urban areas, as well as achieving the objective of providing a smooth commute and bringing benefits to all sectors.”
 
     Motorists may refer to the TLT’s toll displays or the TD’s HKeMobility mobile application for real-time toll information. Those who have yet to apply for an HKeToll vehicle tag and account should do so as soon as possible.
 
Issued at HKT 11:00

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SFST promotes HK’s measures for integrating traditional and digital finance at Web Summit Vancouver (with photos)

Source: Hong Kong Government special administrative region

SFST promotes HK’s measures for integrating traditional and digital finance at Web Summit Vancouver  
The Web Summit, a mega event for the tech sector, attracted 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 the Minister of Jobs, Economic Development and Innovation of the Province of British Columbia, Canada, Ms 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.
 
Mr Hui said that as one of the top three international financial centres and a leading international green finance hub, Hong Kong is pioneering the integration of traditional and digital finance with a view to strengthening its position as Asia’s gateway for financial innovation. The city 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 Hong Kong 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.
 
      The fintech ecosystem is thriving in Hong Kong, with around 1 100 fintech companies and start-ups, including 10 licensed virtual asset trading platforms, eight digital banks and four virtual insurers. Pledged to continue playing a leading role in facilitating green and sustainable financing and investment for the global agenda of green transition, Hong Kong issued a policy statement last October to set out its policy stance and approach on the responsible application of artificial intelligence in the financial market. The Government also launched a roadmap last December to require publicly accountable entities (PAEs) to adopt the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) and to provide a well-defined pathway for large PAEs to fully adopt the ISSB Standards no later than 2028. This brings Hong Kong among the first jurisdictions to align its local requirements with ISSB Standards. As an initial step, the Stock Exchange of Hong Kong Limited has already started to implement in phases new climate disclosure requirements to reflect the ISSB Standard No. 2: Climate-related Disclosures since this January.
 
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 Hong Kong’s regulatory framework on virtual asset activities for supporting the healthy, responsible and sustainable development of Hong Kong’s 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.
 
During his stay at 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 to the Consul General of the People’s Republic of China in Vancouver, Mr 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 with the Senior Vice President & Head, Mid-Market, Commercial Bank, Mr Andrew Hung, and Senior Vice President & Head, BC & Yukon, Mr 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 (Vancouver time).
Issued at HKT 9:40

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