HKMA Launches Supervisory Incubator to Enhance Banks' Use of Distributed Ledger Technology

2025-01-08 20:43 Last Updated At：20:58

HKMA launches Supervisory Incubator to foster responsible adoption of distributed ledger technology

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

The Hong Kong Monetary Authority (HKMA) launched the Supervisory Incubator for Distributed Ledger Technology (the Incubator) today (January 8) to help banks responsibly unlock the transformative potential of distributed ledger technology (DLT).

The Incubator is a new supervisory arrangement designed to help banks maximise the potential benefits of DLT adoption by effectively managing the associated risks. It will augment risk management capabilities at both the individual bank and industry levels, with a particular focus on addressing those risks that may arise as banks move to productionise relevant services (e.g. deposits and loans) that cut across DLT-based and legacy banking infrastructures. As part of this effort, tokenised deposits - which have attracted significant production interest from industry - will be a core focus upon the Incubator's inception.

At the individual bank level, the Incubator will offer a one-stop supervisory platform that enables banks to reaffirm the adequacy of their risk management controls prior to the full launch of a DLT-based initiative. By leveraging this platform, banks will have access to a dedicated team from the HKMA for obtaining supervisory feedback and may opt to conduct live trials to validate and refine specific aspects of their risk management implementation under a hands-on and iterative approach, as needed.

The Incubator will also promote industry awareness and understanding of best practices in DLT risk management through a range of targeted initiatives, such as supervisory guidance, industry sharing sessions, and forward-looking research projects. Collectively, these initiatives will enhance the overall industry's ability and readiness to deploy DLT-based solutions in the long run.

Deputy Chief Executive of the HKMAMr Arthur Yuensaid, "As the banking industry continues to evolve, it is essential that we provide a supportive environment for innovation to thrive. The Supervisory Incubator for DLT is a key component of our strategy to foster the development of DLT-based banking solutions that are safe, efficient, and beneficial to the industry and the wider community."

The HKMA announced the launch of the Incubator during the fourth edition of the FiNETech series (FiNETech4), which brought together over 300 professionals from the banking, securities, insurance, mandatory provident fund and technology sectors to explore how DLT could help the financial industry break new frontiers, including with respect to transaction efficiency and information utilisation. The FiNETech series was established in April 2024 as a signature initiative of the HKMA's ongoing work to promote fintech adoption across the industry, and is supported by financial regulators (Note 1), industry associations (Note 2), as well as technology communities(Note 3), and powered by market experts (Note 4).

Note 1:The HKMA, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority.

Note 2: The Hong Kong Association of Banks and the FinTech Association of Hong Kong.

Note 3: Cyberport and the Hong Kong Science and Technology Parks Corporation.

Note 4: KPMG and Quinlan & Associates.

Hong Kong Pop Culture Festival 2025 Opens with More Than Joy Theme and Diverse Programs.

2025-04-04 19:05 Last Updated At：19:18

Third Hong Kong Pop Culture Festival opens today

The opening ceremony of the third Hong Kong Pop Culture Festival (PCF) was held today (April 4) at the Grand Theatre of the Hong Kong Cultural Centre (HKCC). Organised by the Leisure and Cultural Services Department, the PCF this year is themed "More Than Joy". Audiences can appreciate how pop culture can be transmitted and transformed, and how integration and breakthroughs are possible in addition to joy and laughter.

The Acting Secretary for Culture, Sports and Tourism, Mr Raistlin Lau; the Director of Leisure and Cultural Services, Ms Manda Chan; and an actor of the opening film "The Banquet" (1991), Mr Eric Tsang, officiated at the opening ceremony.

The opening programme, "Silhouette Resonance x The Banquet (1991)", began after the ceremony. Pop singer Alfred Hui, a cappella choral theatre company Yat Po Singers, and beatboxer Heartgrey (Eric So) together with a live band performed songs from classic comedy films with fresh arrangements by renowned musician Ng Cheuk-yin. The digitally restored version of "The Banquet" (1991) was screened following the performance. Blending entertainment with cultural artistry, the audience was offered a fresh and inspiring perspective on the vibrancy of Hong Kong's pop culture.

Another highlight programme that kicks off the PCF is outdoor music carnival "ImagineLand 2025" to be held tomorrow (April 5) and on Sunday (April 6) at the HKCC Piazza, and the Central Lawn & Event Trellis of Salisbury Garden, the Avenue of Stars free of charge. Supported by the Cultural and Creative Industries Development Agency, "ImagineLand 2025" features both daytime and evening programmes, encompassing music, films, comics, and more.

During "ImagineLand 2025", "Go Beyond Concert", "Comics Fun Experience Gallery" and "Funarts Corner" will be available during the day, while film programme "Movie Under the Stars" will be held at night. Over 35 musicians and artists from Hong Kong and eight countries and regions including the Mainland, Japan, Korea, the United States, Australia, France, the United Kingdom and Ukraine will perform on the three stages of "Go Beyond Concert", showcasing boundless possibilities of music across the performances. Major line-ups of local artists include Ivana Wong, Joey Tang, Yatfung, Cloud, Ashley Lin, Pandora, Wan Pin Chu and more, performing mesmerising popular songs and original works.

At "Comics Fun Experience Gallery", Hong Kong comics and animation from different eras will be displayed to highlight the creativity of local artists with immersive photo-taking opportunities. The exhibition also features the works of local humourist cartoonists and explores how comics intertwine with the city's pop culture. Workshops on art, music, and crafts will be available for the public at "Funarts Corner". In the evenings, two comedies, "Table For Six" (2022) and "Forbidden City Cop" (1996)", will be screened at "Movie Under the Stars" tomorrow and on Sunday respectively, allowing audiences to enjoy outdoor films while relaxing on the lawn.

Other highlights include the "Laughter Double Bill: Hong Kong Comedy Film Spectacular" film screening programme; exhibitions "Comic Fun for All: The Magic of Hong Kong Comedy Comics" and "Legends of HK Film Comedies, 1980s and 1990s"; concerts "The 2025 Fiesta of Music Office Bands, Choirs and Orchestras-Bands 'The Animated Melodies - Our Nostalgic Memories'", "Ko Shan Fest" and "Music & Laughs", and more. To support the PCF's theme of "More Than Joy", the Hong Kong Public Libraries will also organise book displays and subject talks in a series of activities under the theme of "Happy Reading".

Several industry partners are also offering a range of events as part of the festival, which are not to be missed.

Hong Kong's pop culture has drawn inspiration particularly from humour, a constant trendsetter that has left a deep footprint on many aspects of the city's rich and colourful pop cultural landscape. The PCF 2025, with more than 20 programmes, not only delights audiences with exciting performances and works but also offers insight into the development paths of Hong Kong's pop culture along the line of "happiness". By participating in these activities, audiences will be able to discover their own happiness.

For more details, please visit the website: www.pcf.gov.hk, or call 2601 8703.