Yu Weiwen: Hong Kong will build a leading platform for global trends such as technology and green

The Zhitong Finance App learned that on November 5, while attending the Private Wealth Management Association Summit, Yu Weiwen, CEO of the Hong Kong Monetary Authority, said that Hong Kong's future development will be more vigorous, continue to play a role as a super contact and gateway, and vigorously develop the bond, gold and commodity markets to build a platform leading in global trends such as technology and green.

He believes that tokenization is an excellent tool to make the financial system more efficient and secure, and indicates that the traditional financial system will continue to dominate at this stage, but the tokenized financial system will gradually expand at a fairly rapid pace. Digital bonds have already been implemented in Hong Kong, and he is optimistic that tokenized funds will also develop in the same way. The same is true for other products such as tokenized gold.

Yu Weiwen pointed out that agency finance is at the cutting edge of the next stage of development, but it is necessary to ensure the accuracy, consistency, and interpretability of the AI model. The Hong Kong Monetary Authority is collaborating with the Bank for International Settlements Innovation Hub, the UK Financial Conduct Authority, and the Central Bank of Saudi Arabia to develop a set of tools that can explain AI. The prototype will be released early next year.

He added that global investors are diversifying and getting more involved in different regions of the world, and China and Asia have always been attractive to them. In Asia, we can see a large number of sovereign funds and pension investments. They are all seeking to invest in Chinese assets through Hong Kong, and when the wealthy Chinese go global, since most of their assets are still in the country, they will also want to diversify their allocation globally, and they can do so through the Hong Kong office.