Hong Kong’s secretary for financial services and the treasury has appealed to tech investors and leaders from across the world to grasp the vast business opportunities in the vibrant fintech ecosystem in the special administrative region.

Christopher Hui Ching-yu made the call on Friday while attending the Web Summit Vancouver, which attracted over 10,000 tech investors, entrepreneurs and industry leaders from across the world.

During a panel discussion on "Local to global: Strategies for tech success", Hui and Diana Gibson, British Columbia’s Minister of Jobs, Economic Development and Innovation, discussed various approaches taken in building dynamic fintech economies, ranging from developing talent, attracting investment to creating opportunities.

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As one of the top three international financial centers and a leading international green finance hub, Hong Kong is pioneering the integration of traditional and digital finance to strengthen its position as Asia's gateway for financial innovation, said the Hong Kong official.

The SAR is striving to accelerate green and sustainable finance and virtual asset development to make them key components of the diversified financial value chain, he said.

Hui, in this connection, mentioned that the Hong Kong Monetary Authority has already commenced sandbox experimentation of Project Ensemble, a new wholesale central bank digital currency project to support the development of the tokenization market in the city.

The fintech ecosystem is thriving in Hong Kong, with around 1,100 fintech companies and startups, including 10 licensed virtual asset trading platforms, eight digital banks, and four virtual insurers, he said.

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Speaking about the HKSAR’s leading role in facilitating green and sustainable financing and investment for the global agenda of green transition, he said Hong Kong issued a policy statement last October to set out its policy stance and approach on the responsible application of artificial intelligence in the financial market.

He also updated the summit on last week’s passage of legislation establishing a licensing regime for fiat-referenced stablecoins issuers in Hong Kong as a way to further enhance the city’s regulatory framework on virtual asset activities.

Hong Kong is among the first batch of regions to have introduced stablecoin legislation and strives to fully implement the licensing regime by 2025, he added.

Hui also shared that the HKSAR will soon promulgate a second policy statement on the development of virtual assets to explore the convergence of traditional finance and virtual assets.

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A consultation on the licensing regimes for virtual asset over-the-counter trading services and custodian services will also be conducted within this year, he added.

Hui paid a courtesy call to the Consul General of the People's Republic of China in Vancouver Yang Shu.

Pointing out that Hong Kong has always been a window of the country to the world and will continue to be, Yang encouraged the SAR to keep up with its work in deepening international exchanges and cooperation.

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During his stay at the Summit, the secretary visited exhibition booths manned by Hong Kong delegates.

Before concluding his visit to Canada, Hui visited the Bank of Montreal and met Senior Vice President and Head, Mid-Market, Commercial Bank Andrew Hung, and Senior Vice President and Head, BC & Yukon Greg Vriend.