Belt and Road Forum centering on Digital Economy & Payment Settlement held in Hong Kong, exploring Hong Kong's role in promoting digital silk road development

HONG KONG, Dec. 7, 2024 /PRNewswire/ -- Belt and Road Forum themed Digital Economy & Payment Settlement, co-organised by the Ng Teng Fong• Sino Group Belt and Road Research Institute of the Hong Kong Chu Hai College, Silk Road Economic Development Research Center and Maritime Silk Road Society was held on 5^th December in Hong Kong. Mr Christopher Hui, Secretary for Financial Services and the Treasury, Mr Zhou Qiang, Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region, Mrs Regina Ip, Convenor of Hong Kong Executive Council and Co-Chair of the Maritime Silk Road Society, Mr LAM Kwong Siu, Chairman of Board of Governors of Hong Kong Chu Hai College, Mr Joseph Chan, Chairman of Silk Road Economic Development Research Center, Mr Liu An Ning, Second Secretary of the Commissioner's Office of China's Foreign Ministry in the Hong Kong Special Administrative, Mr Alexander Ng, Director of Ng Teng Fong Charitable Foundation and General Manager of Sino Group, Mr Tan Yueheng, Member of Legislative Council and Chairman of the BOCOM International Holdings Company Limited, Ms Jane Zhang, Interim President of Hong Kong Chu Hai College, Professor Thomas Chan, Director of Ng Teng Fong • Sino Group Belt and Road Research Institute of Hong Kong Chu Hai College, Professor Shi Yong of University of Chinese Academy of Sciences, Counsellor of State Council of the People's Republic of China and Director of CAS Research Center on Fictitious Economy & Data Science, along with near 300 distinguished guests, including prominent business leaders from Hong Kong, mainland China, and overseas, Consul-Generals of Consulates-General in Hong Kong, government officials, entrepreneurs, and academics attended the Forum.

The Hon John KC LEE, Chief Executive of the Hong Kong Special Administrative Region delivered an opening address in video, in which he noted that in recent years, tokenisation technologies have revolutionised the global economy, creating new opportunities for the traditional financial market. The HKMA has launched a wholesale CBDC initiative called Project Ensemble this year, by leveraging advanced tokenisation technology. At present the Project has entered the Sandbox stage in August, with a focus on transactions involving tokenised assets. HKSAR Government will continue to capitalise on the growing influence of this key technology in the financial realm. He expressed his confidence that Hong Kong's robust financial Infrastructure will support the financial services sectors to fully adapt to this new wave of digital economy, amidst the large array of opportunities offered by the digital "silk road". In so doing, Hong Kong will consolidate its position as an international financial centre, and bring new development opportunities to other Belt and Road economies.

In his opening address Mr Christopher Hui noted that the Belt and Road initiative is more than just a platform for infrastructure and trade. It is a vision for global connectivity and shared prosperity. As we integrate digital innovation into this framework, the opportunities for economic transformation and cooperation are boundless. From providing world-class financial and professional services to advancing the adoption of cutting-edge technologies, Hong Kong stands ready to contribute to the continued success of the Belt and Road Initiative. He encourages all participants to seize these emerging opportunities, foster meaningful partnerships and work together to build a more interconnected, inclusive and prosperous future for all.

Mrs Regina Ip gave welcome remarks and highlighted the significant progress achieved in the Belt and Road Initiative (BRI) over the last ten years. Apart from the remarkable expansion of BRI membership, substantive achievements in infrastructural development and trade among BRI members also call for increased cross-border payment settlement under the digital economy. It is therefore timely to explore the prospects of digital economy and examine the challenges and opportunities in payment settlement facing us under the BRI. She acknowledged the strong support from venue sponsors, Sino Group and Ng Teng Fong Charitable Foundation and all guests at the end of her remarks.

Professor Shi Yong delivered a keynote speech on the "Prospect of Digital Economy under the Belt & Road Initiative and Its Impact on Mainland China and Hong Kong", in which he stressed the strategic importance of digital economy to the development of BRI and he added that over the past 10 years since the launch of BRI in 2023, with the support of the central government, Hong Kong has actively responded to the BRI, strived to serve the needs of the country with its own strengths and become an active participant and contributor and beneficiary in the construction of the Belt and Road. Hong Kong will further consolidate its own advantages and enhance its competitiveness in the process of fully promoting the "digital industrialization" and "industrial digitization" of BRI members.

Mr LAM Kwong Siu on behalf of the main organisers expressed his gratitude to all participants of the forum. He said the BRI is entering its next golden decade and Hong Kong is facing a once-in-a-lifetime opportunity to play a crucial role in promoting Belt and Road and Digital Silk Road. We believe as we accelerate the development of the Digital Silk Road and the Silk Road of Innovation, more opportunities for cooperation will be created.

The panel discussion was divided into two sessions, respectively "Cross-Border Payments Fuelling the Accelerated Growth of Global E-Commerce" and "the Development and Implementation of Web 3.0 in Hong Kong". The first session was moderated by Ms Julia Charlton, Managing Partner of Charltons, panelists included Dr Shen Jianguang, Vice President and Chief Economist of JD.com, Mr Ronan Zhong, Vice President of LianLian Global, Mr Esmond Lee, Deputy Branch Manager of Euroclear Bank Hong Kong Branch and Mr Herbert Siu, CFO of Payment Cards Group Limited together explored the critical role that cross-border payments play in driving the global e-commerce. In the second session moderated by Mr Joseph Chan, the Chairman of Silk Road Economic Development Research Center, Mr Ivan Chan, Co-Founder & COO of Web3.0 Technology Limited, Mr Furuzonfar Zehni, Partner and Portfolio Manager of Fresco Capital, Mr Marco Lim, Web3 Partner of Solowin Holdings and Professor James Lei, Secretary General of the Institute of Web3.0 Hong Kong joined the session and delved into the development and implementation of Web 3.0 in Hong Kong, the challenges facing, and the strategies employed to navigate through them.

The organizers have been consistently holding BRI forums on specialized topics related to global BRI development trends since 2017, as one of the leading pioneers in promoting BRI and Hong Kong's commitment in integrating into the overall development of mainland China.

source: Silk Road Economic Development Research Center