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Hong Kong Monetary Authority joins hands with InvestHK to launch CBDC to Global Fast Track 2022

On August 10, Hong Kong Monetary Authority (HKMA) and Invest Hong Kong (InvestHK) announced in a press release the addition of a CBDC (Central Bank Digital Currency) section to the Global Fast Track 2022 in the city to promote the study and use cases of digital currency.

As per the press release, the Global Fast Track event invites the firms to provide innovative ideas in the realm of adoption to retail and wholesale CBDC, cybersecurity, privacy, programmability, interoperability, liquidity management and foreign exchange and offline payments of CBDCs.

Moreover, all the selected applicants from the firm will get the chance to directly interact with the HKMA on research projects and pilots of CBDCs to enhance the growth of CBDC.

Along with forming a digital currency named e-HKD, Hong Kong is doing a cross-border CBDC project with the central bank of China, Thailand, UAE and the Bank of International Settlements.

Chief Fintech Officer of HKMA, Nelson Chow said, ” We are certain that this new CBDC track will yield productive results and bring important insights, adding to the abundance of information on CBDC and adding to an improved CBDC ecosystem.”

 Charles Ng, Associate Director-General at InvestHK said, “We are really happy and eager to be working with the HKMA in launching the CBDC track. By linking private area leaders straightforwardly with the institution, the track further empowers Global Fast Track 2022 to give complete, one-stop support to innovators worldwide, while fortifying Hong Kong’s status as a leader in the worldwide fintech hub.”

All the central banks around the globe are eagerly waiting to launch their own CBDC with their respective banks.

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