Hong Kong Monetary Authority Chief Executive: The Hong Kong dollar stablecoin will be launched within the year, and Wealth Management Connect 3.0 is still under ongoing negotiations

News from Mars Finance: On June 9, according to Yicai, a delegation of the Hong Kong Association of Banks led by Eddy Yue, the Chief Executive of the Hong Kong Monetary Authority, recently visited Beijing, and on June 8 held a group interview with the media. During the interview, Yue discussed hot topics of interest to the market, including Hong Kong’s stablecoin licensing, cross-border financial regulation, and the internationalization of the Renminbi.

Yue said that Hong Kong, as a core hub for positioning in the Chinese market, enjoys threefold advantages—its system, its geographical location, and its market—and will continue to attract global capital inflows in the future. Regarding the next arrangements for stablecoin licenses, Yue revealed that Ginding Technology is expected to launch a stablecoin around mid-year, “probably starting trial use in a few weeks,” and HSBC is expected to launch in the third to fourth quarters of this year. The stablecoin application scenarios of Ginding Technology and HSBC differ.

As Yue described, Ginding Technology focuses on cross-border payments, which is expected to reduce the cost of cross-border remittances, improve transaction and settlement speed, and fit cross-border e-commerce and regional trade scenarios. HSBC, meanwhile, focuses more on expanding retail payment scenarios; in the future, it may involve connecting with clearing platforms to advance the clearing of tokenized assets.