Securities Times: Blockchains are gradually being applied to the financial industry. The opportunities and challenges of the Hong Kong Monetary Authority include the rapid development of technology.

At 4:30 pm on October 2, Yu Weiwen, the new president of the Hong Kong Monetary Authority, met with the media in a new identity. As early as July 25 this year, the SAR Government announced that it would appoint 54-year-old Yu Weiwen as the third president of the HKMA to replace Chen Delin, who retired after the expiration of his term at the end of September, effective October 1. For the financial sector and the HKMA, another major trend of coexistence between challenges and opportunities is the rapid development of technology. Artificial intelligence, big data, cloud computing, and blockchain are gradually being applied to the financial industry, including banks, and technology companies are also accelerating their entry into finance. Yu Weiwen said that we embrace financial technology because it can improve the efficiency and ability of banks, provide customers with more personal and efficient services, and continuously improve the service level of banks through competition. On the basis of risk-based, the HKMA will also actively cooperate with and guide the development of financial technology in Hong Kong.