Hong Kong Monetary Authority: 59% of respondents believe that blockchain is a technology related or very relevant to enhancing financial integration in the Greater Bay Area
According to reports, according to a press release from the Hong Kong Special Administrative Region government, the Hong Kong Monetary and Financial Research Center, which is responsible for research work under the School of Finance of the Hong Kong Monetary Authority, has released a financial research report titled “The Greater Bay Area Cross Border Payment and Settlement System: Current Practices and Latest Developments.”. According to the report, as the underlying technology of digital currency, 59% of respondents believe that blockchain is a relevant or highly relevant technology to strengthen financial integration in the Greater Bay Area. Respondents believe that blockchain can be used for multiple operations in cross-border transactions, including ensuring the accuracy and security of cross-border payment and settlement information, customer authentication, and AML/CFT review. In addition, the report also shows that as of the third quarter of 2022, the mBridge project involved more than 160 payment and foreign exchange transactions, with a total amount of over 171 million Hong Kong dollars. The development of the project will continue until it becomes a system that can be put into production.
Interpretation of this information:
The Hong Kong Monetary and Financial Research Center has recently released a financial research report titled “The Greater Bay Area Cross Border Payment and Settlement System: Current Practices and Latest Developments.” The report highlights the relevance of blockchain technology as an essential tool to enhance financial integration in the region with 59% of respondents deeming it highly relevant. Blockchain technology can ensure the accuracy and security of cross-border payment and settlement information, customer authentication, and AML/CFT review. The report also revealed that the mBridge project has processed over 160 payment and foreign exchange transactions, with a total value of more than HKD 171 million as of Q3 2022. The development of the project will continue until it becomes a fully operational system.
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