Tag Archives: HKMA

Visitors get a taste of Chinese online payments

Fintech Week is proving to be a global PR bonanza for Hong Kong. Local media have been buzzing for the past two days about Alipay’s decision to open its payment platform inside the Chinese mainland to foreigners, the announcement of which was clearly timed to coincide with the Hong Kong event. And Mu Changchun, the central bank’s whizzkid overseeing the imminent launch of the digital Renminbi, kept the momentum going yesterday by suggesting foreigners could use it, too.

As reported by SCMP, Mu said the central bank is working to separate the virtual currency from the banking system. “Actually it could be decoupled from traditional bank accounts,” he said during an event at Fintech Week, which is being held at the AsiaWorld-Expo. “Thus, those who don’t have bank accounts in China can still open a digital wallet and enjoy mobile payment services in China.”

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HK changes guard at central bank

Eddie Yue will be the next chief executive of the Hong Kong Monetary Authority, succeeding Norman Chan. Currently a deputy who overseas reserves management, Yue will take over on October 1 from the retiring Chan. He will be in charge of the city’s HK$4 trillion ($512 billion) exchange fund and oversight of the peg to the dollar. 

Yue’s promotion caps almost three decades of service in financial and monetary policymaking, where he maintained a 12.9% annualized return for the city’s HK$4.137 trillion Exchange Fund since 2009, according to the South China Morning Post. 

The SCMP seems to think Yue will play a key role in the Greater Bay Area’s development, too. Read more.