Yu Weiwen, President of the Hong Kong Monetary Authority: Blockchain and other technologies will solve the problem of inefficient financial operations in cross-border business

On November 6, Yu Weiwen, President of the HKMA, pointed out at the opening speech of Hong Kong Financial Technology Week that the importance of cross-border application of financial technology is increasing, and technologies such as blockchain will solve some long-standing inefficient financial operations. For example, cross-border payments or trade finance, Hong Kong banking industry will explore the application of blockchain technology in cross-border business. Note: The Hong Kong Monetary Authority announced on the same day that the subsidiary of Hong Kong Interbank Clearing Limited and the affiliated institution of the People's Bank of China Digital Monetary Fund signed a Memorandum of Understanding to explore the trade linkage between Hong Kong and the People's Bank of China's trade finance platform. It is expected that the Proof of Concept will begin in the first quarter of 2020. After the completion of the docking, it will provide more convenient trade financing services for the two enterprises.