International Financial Conference in Hong Kong Explores Emerging Technologies' Impact on Finance

HKMA and BIS co-host international financial conference

The following is issued on behalf of the Hong Kong Monetary Authority:

An international financial conference (Conference), jointly organised by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) and supported by the Global Association of Risk Professionals (GARP), was successfully concluded today (October 31) in Hong Kong. This Conference followed the 15th Global Risk Forum co-hosted by the HKMA and GARP on October 30, and brought together over 100 representatives from international bodies, central banks, regulatory authorities, financial institutions, technology firms, consultancy firms and academia around the world.

Building on the success of the inaugural Conference last year, the HKMA co-organised this significant event with the BIS for the second time. The Conference this year focused on the theme of "Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem", and featured a keynote address by the Deputy Governor of the Bank of England for Financial Stability, Ms Sarah Breeden. Other distinguished speakers of the Conference also shared their valuable insights on how artificial intelligence, tokenisation, and other technologies are transforming the financial landscape and how the industry can better prepare for these changes.

The Chief Executive of the HKMA, Mr Eddie Yue,said, "Technology is a game changer in the financial industry. While we embrace the immense opportunities it offers, we must also strengthen collaboration among all parties to effectively address the challenges it presents. This Conference provides an excellent opportunity to leverage the collective insights of relevant stakeholders on the opportunities and challenges brought about by technological advancements. The HKMA will work hand in hand with the banking industry to foster a safe and smooth digital transformation journey."

Chief Representative of the BIS Office for Asia and the Pacific, Mr Tao Zhang,said, "Working closely with central banks and other stakeholders, the BIS can play a crucial role in support of their efforts to reap the benefits of tokenisation and artificial intelligence while addressing associated challenges."

About the Bank for International Settlements

The Bank for International Settlements (BIS) is an international organisation established in 1930 and owned by central banks. Its headquarters is located in Basel, Switzerland. The mission of the BIS is to support co-operation among central banks around the world in their pursuit of global monetary and financial stability. The BIS Representative Office for Asia and the Pacific is located in Hong Kong. The BIS also has an innovation hub centre in Hong Kong and is undertaking projects to develop public goods in the technology space to support central banks and improve the functioning of the financial system. This year marks the 5th anniversary of the Hong Kong Centre of the BIS Innovation Hub.

About the Global Association of Risk Professionals

The Global Association of Risk Professionals (GARP) is a non-partisan, not-for-profit membership organisation focused on elevating the practice of risk management. GARP offers the leading global certification for risk managers in the Financial Risk Manager (FRM®), as well as the Sustainability and Climate Risk (SCR®) Certificate, Risk and AI (RAI™) Certificate, and ongoing educational opportunities through Continuing Professional Development. Through the GARP Benchmarking Initiative (GBI®) and GARP Risk Institute, GARP sponsors research in risk management and promotes collaboration among practitioners, academics, and regulators. Founded in 1996 and governed by a Board of Trustees, GARP is headquartered in Jersey City, New Jersey, the United States, with offices in London and Hong Kong.

HKMA and BIS co-host international financial conference Source: HKSAR Government Press Releases

HKMA and BIS co-host international financial conference Source: HKSAR Government Press Releases

HKMA and BIS co-host international financial conference Source: HKSAR Government Press Releases

HKMA and BIS co-host international financial conference Source: HKSAR Government Press Releases

HKMA and BIS co-host international financial conference Source: HKSAR Government Press Releases

HKMA and BIS co-host international financial conference Source: HKSAR Government Press Releases

Former registered contractor convicted for carrying out building works in a dangerous manner

The Kwun Tong Magistrates' Courts today (October 31) ruled that a former registered general building contractor and its sub-contractor had contravened the Buildings Ordinance (Cap. 123) (BO) and imposed each with a fine of $8,000. The Buildings Department (BD) will seek legal advice on whether to appeal against the amount of the fines imposed.

The case involved a fatal incident at a construction site at Tung Yuen Street, Yau Tong in December 2022. A worker was hit by a collapsed steel section when carrying out removal works of a temporary lateral support at the construction site, and died subsequently. An investigation by the BD found that precautionary measures had not been adequately provided by the contractor and its sub-contractor during the dismantling of the temporary lateral support. The BD initiated prosecutions against the contractor and its sub-contractor under section 40(2B)(a) of the BO in December last year.

The subject contractor (i.e. Aggressive Construction Engineering Limited) was removed from the Register of General Building Contractors on November 16 last year.

Pursuant to section 40(2B)(a) of the BO, any person directly concerned with the relevant building works, who carries out or authorises or permits such works to be carried out, in such manner that it causes injury to any person or damage to any property, shall be guilty of an offence and liable on conviction to a fine of $1,000,000 and to imprisonment for three years.