On October 22, Paul Chan, the Financial Secretary of Hong Kong, highlighted at the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting held on October 21 that blockchain technology and artificial intelligence (AI) are at the forefront of propelling the digital financial services sector into a phase of rapid expansion. He emphasized that these cutting-edge technologies not only streamline operations, boosting efficiency while slashing costs, but also play a pivotal role in advancing financial inclusion.

According to Paul Chan, financial innovation ought to be firmly rooted in and serve the real economy. Through collaborative efforts between the public and private sectors, more financially inclusive services can be fostered. Regulators, while diligently fulfilling their oversight duties, should also actively encourage innovation and nurture market growth.

With the pervasive integration of digital assets and AI into financial services, economies must remain vigilant about the ethical and sustainable dimensions of innovation. This includes safeguarding investor interests and upholding financial stability.

Paul Chan further stated that Hong Kong is an enthusiastic participant in cross-border collaborations and policy dialogues concerning digital finance. The region is keen on deepening its cooperation with regional partners in these interconnected domains.