Strengthening Market Systems and Risk Control
Strengthen Market Systems
One‑stop Multi‑asset Class Post‑trade Securities Infrastructure
112. The HKMA's CMU OmniClear Holdings Limited (CMU OmniClear) and the HKEX will soon commence a study on the establishment of a one‑stop multi‑asset class post‑trade securities infrastructure to cover Mainland and Hong Kong equity and debt securities. This will facilitate cross‑product and cross‑boundary collateral connectivity, enhancing market liquidity and risk management.
Enhance the International Network of the Central Moneymarkets Units
113. To facilitate investors' holdings of securities through the Central Moneymarkets Units (CMU) for achieving global asset allocation, the CMU OmniClear is actively seeking to establish linkages with central securities depositories of various regions. The Central Bank of the United Arab Emirates has become a CMU member. The CMU will activate linkages with SIX of Switzerland and launch equity post‑trade services for the first time, enabling investors to manage their diversified asset portfolios more efficiently.
Digital Asset Platform
114. To promote the application of fintech and enhance the efficiency of the asset management market, the CMU OmniClear will establish a digital asset platform this year. It will support the issuance and settlement of digital bonds. The platform will also be gradually extended to other digital assets and linked with other tokenisation platforms in the region, consolidating Hong Kong's leading role in the realm of digital assets.
Non‑traditional Risk Management
115. We are committed to developing the non-traditional risk management business and have extended the Pilot Insurance‑linked Securities Grant Scheme to 2028. Meanwhile, the Insurance Authority (IA) will continue stepping up its promotion efforts in markets from around the world. Last year, two captive insurance companies were set up in Hong Kong.
Financial Inclusiveness
116. The Mandatory Provident Fund Schemes Authority (MPFA) is gradually taking forward MPF "Full Portability". Its Phase One Proposal, to be implemented this year, covers employees whose employment commences on or after 1 May 2025. We will introduce an amendment bill in the first half of next year to extend the coverage to employees whose employment began before the above date.
Enhance the Regulatory Regime
117. To better protect employees' MPF benefits, the MPFA proposes to enhance the process of recovering default contributions from employers. It will also enhance the flexibility for trustees and relevant service providers in making MPF investments. Upon completion of the MPFA's stakeholder consultation this year, the Government will introduce an amendment bill.
118. The IA will enhance the risk‑based capital regime for insurance companies, adjusting risk parameters for the general insurance business and providing capital relief for infrastructure investments. Moreover, we will require the industry to adopt a standardised checklist for the disclosure of capital adequacy and risk profile, facilitating public understanding of insurers' governance, finance and risk management.
119. To strengthen the regulation of money lenders, the Government will release the consultation outcome and specific measures next month to address the issue of excessive borrowing and better protect the public.
Strengthen International Financial Co‑operation
120. The Asian Infrastructure Investment Bank (AIIB) announced at the end of last year its plan to set up an office in Hong Kong. The Government is proactively facilitating and providing the necessary support.
121. We will hold for the first time the Asia-Pacific Economic Cooperation Finance Ministers' Meeting this year. We will continue hosting various financial mega events, including the Global Financial Leaders' Investment Summit, the Wealth for Good in Hong Kong Summit, and the Hong Kong Fintech Week x StartmeupHK Festival. The Asian Financial Forum will celebrate its 20th anniversary next year, and we will strengthen the element of finance empowering businesses ("Finance+") at the forum.
| Previous Page | Content | Next Page |
