20 Oct 2023

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The Hong Kong Monetary Authority (HKMA) and The Hong Kong Polytechnic University (PolyU), together with four other local universities, today signed a Memorandum of Understanding (MoU) for the establishment of a Central Bank Digital Currency (CBDC) Expert Group to support the HKMA’s exploration of key policy and technical issues surrounding CBDC.

The MoU signifies a strategic partnership aimed at fostering collaboration and gathering expert insights from technical, analytical and academic perspectives on various topics related to CBDC. The establishment of the Expert Group demonstrates mutual recognition of the pivotal role played by financial technology (fintech) and CBDC in Hong Kong’s development landscape. This collaboration aims to promote interdisciplinary discussion on CBDC and address pertinent fintech issues, thus contributing to Hong Kong’s continued success in maintaining its status as an international financial centre.

Prof. H.C. MAN, Dean of the Faculty of Engineering of PolyU and Mr Colin POU, Executive Director (Financial Infrastructure) of HKMA signed the MoU, witnessed by PolyU representatives including Prof. Christina WONG, Director of Research and Innovation Office; Prof. Qing LI, Head of the Department of Computing; Prof. Allen Man Ho AU, Professor of the Department of Computing, and Prof. Daniel Xiapu LUO, Professor of the Department of Computing and Director of The Research Centre for Blockchain Technology.

Prof. Man endorsed the formation of the CBDC Expert Group, stating that, “Our faculty is committed to advancing fintech and CBDC research and development in Hong Kong through promoting innovation, collaboration and knowledge exchange.”

As part of this initiative, PolyU and HKMA will collaborate closely on a range of topics related to CBDC, leveraging their respective expertise and resources. The CBDC Expert Group, which includes Prof. Au and Prof. Luo as founding members, will serve as a platform for exchanging knowledge, sharing insights, and exploring innovative solutions in CBDC and other emerging fintech areas.

Prof. Li said, “Our expertise in influential research and innovation has primed our department in shaping the future of CBDC as a focal point in the field of finance.”

Prof. Au and Prof. Luo expressed their excitement about joining the CBDC Expert Group, saying “We strive to conduct pioneering research that instils public trust in CBDC by tackling privacy and security challenges, reinforcing our commitment to an advanced financial system.”

Visit here to view the press release from PolyU.