According to Foresight News, Hong Kong Monetary Authority's (HKMA) Chief Fintech Officer, Nelson Chow, spoke at a financial technology seminar, stating that the development of digital currency in Hong Kong is not lagging behind. He emphasized that the digital Hong Kong dollar is not meant to replace existing electronic payment tools, but rather to complement them. The HKMA will collaborate with private institutions for research and development of the digital Hong Kong dollar, rather than working in isolation.
Chow revealed that the first phase of the digital Hong Kong dollar pilot program has been completed. He believes that the digital currency can add significant value to the retail payment ecosystem, including programmability, tokenization, and real-time settlement. This would promote faster, more cost-effective, and inclusive transactions, benefiting new economic activities such as Web3 trading. The second phase of the pilot program is planned for next year, with the aim of exploring new use cases in collaboration with the industry.