hkma

The 21-member group will advise on expanding bond tokenisation beyond a series of government pilots, as Hong Kong accelerates its digital financial development.

The HKMA and SFC want to encourage primary issuances, enhance secondary liquidity, improve infrastructure, and play a prominent role in the internationalisation of the Renminbi.

A wide range of factors have paved the way for a larger offshore Renminbi fixed income market, according to senior bankers.

A licensing scheme for stablecoin issuers in Hong Kong is expected to be introduced later this year.

The HKMA has launched a grant scheme of up to HK$2.5m for future digital bond issuances, which is the SAR’s latest move to build its virtual asset ecosystem.

FA spoke with industry players who explained how the city will roll the scheme out, and what still needs to happen.

Eddie Yue was appointed by Hong Kong financial secretary Paul Chan as the SAR promotes its Rmb offshore hub status.

The aim is to help firms comply with US withholding tax requirements on foreign persons and entities, as the total issuance for dim sum bonds in 2023 tallied $76 billion in Hong Kong.

HKMA and the PBOC to further support the expansion of use cases of the digital yuan in Hong Kong, targeting local consumers and travellers.