Why HKMA’s next chief will face stiffer challenges

Hong Kong’s integration into the Greater Bay Area, fintech regulations and global economic uncertainties are among the major challenges for the new HKMA chief.

The Hong Kong Monetary Authority, the city's de facto central bank, faces a wide array of challenges after a relatively smooth ride under the helm of outgoing chief Norman Chan Tak-lam, who announced its retirement on Thursday.

Having announced his retirement just three days after Beijing unveiled its development blueprint for the Greater Bay Area, the outgoing HKMA chief leaves his successor the task of melding the financial and banking system of Hong Kong more closely with those of nearby cities, including Guangzhou, Shenzhen and Macau.

As a result, HKMA’s core task to maintain the city’s financial stability and integrity is set...

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