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

     The Hong Kong Monetary Authority (HKMA) today (November 2) co-organised Hong Kong FinTech Week 2023 with the InvestHK. The eighth edition of the city's flagship fintech event gave participants worldwide opportunities to build partnerships, exchange ideas and share their fintech journeys.
 
     During the FinTech Week, the HKMA announced the following initiatives to strengthen Hong Kong's fintech capabilities:
 
     FPS x PromptPay QR Payment: The HKMA is working closely with the Bank of Thailand to link Hong Kong's Faster Payment System (FPS) and Thailand's PromptPay, in a new service called "FPS x PromptPay QR Payment", scheduled for launch on December 4. Users will be able to scan and pay at over eight million PromptPay merchants in Thailand using their mobile phones. Thai visitors to Hong Kong will also be able to use PromptPay to pay at any of the around 50 000 FPS merchants in Hong Kong who choose to accept FPS QR payments. The new service will provide an additional safe and efficient payment channel, enhancing customer experience in retail payment and fostering economic development and entrepreneurial prospects in the two economies.
      
     Tokenisation in the bond market: After the successful issuance of the world's first tokenised government green bond earlier this year, the HKMA is in discussions with market participants to explore further use cases for distributed ledger technology (DLT) in capital markets, including a second tokenised government green bond. A report on the inaugural tokenised issuance was published in August as a blueprint for future similar issuances in Hong Kong.
      
     e-HKD Pilot Programme: Working with the industry, the HKMA has completed Phase 1 of the e-HKD Pilot Programme and published an overall assessment of the pilots and the way forward earlier this week. Phase 2 of the programme, which the HKMA intends to commence next year, will explore new use cases for an e-HKD and delve deeper into select pilots from Phase 1.
      
     The "Fintech 2025" strategy (Note 1) unveiled in June 2021 has also made the following positive progress in driving Hong Kong’s fintech development:
 
     All banks go fintech: Building on the results of the Tech Baseline Assessment announced last year, the HKMA continues to proactively encourage fintech adoption in the banking industry, and published a new Fintech Promotion Roadmap in August 2023. The roadmap sets out the initiatives the HKMA will undertake over the next 12 months to promote the adoption of wealthtech, insurtech, greentech, artificial intelligence and DLT. To further promote the development of Open API, the HKMA launched centralised datasets on physical branches and Automated Teller Machines of 20 retail banks in Hong Kong via Open API in September 2023 for public use. In addition, the HKMA has been actively exploring the use of Suptech to enhance the effectiveness and forward-looking capability of its supervisory processes through the adoption of new technologies. An end-to-end digital supervisory platform and a Robotic Process Automation solution have been launched. Three initiatives under the AML Suptech strategy; Macro Analytics, a submission platform for financial-crime risk data, and a horizon scanning tool, have been implemented to safeguard the integrity of the banking system and reduce harm from financial crime. A speech-to-text solution for use in supervision and enforcement work was also launched in October 2023. 
      
     Future-proofing Hong Kong for Central Bank Digital Currencies (CBDCs): Aside from the progress on the retail front, the HKMA has achieved a number of milestones in the phased development of wholesale CBDCs (Note 2). Project mBridge is now at the Minimum Viable Product (MVP) development phase and the HKMA aims to launch the MVP next year to pave the way for a production-ready system. 
      
     Creating the next-generation data infrastructure: Commercial Data Interchange (CDI), the HKMA's next-generation financial data infrastructure promoting the development of a data-driven economy, is making great strides. Since launch in October 2022, the number of CDI participating banks has reached 26, and key data providers have doubled from six to 12. The CDI utilisation rate has also increased nearly ninefold to 8 900 data requests from close to 1 000 during the pilot phase, with estimated credit approvals exceeding HK$8 billion at the end of September 2023. To maximise the benefits of CDI, the HKMA is exploring how it can be used to further digitalise and streamline various banking processes such as Know Your Customer and working closely with the Insurance Authority to enable cross-sectoral data sharing. By the end of 2023, the Companies Registry will become the first government data source to be connected to CDI via the Government's Consented Data Exchange Gateway.
      
     Expanding the fintech-savvy workforce: The HKMA works to foster fintech talent in Hong Kong through initiatives including the Fintech Career Accelerator Scheme and the Industry Project Masters Network. Over 1 300 students have benefitted from these schemes so far.
      
     Nurturing the ecosystem with funding and policies: The Fintech Supervisory Sandbox (FSS) 3.0 and FSS 3.1 Pilot offer funding support to fintech projects. So far, six projects providing solutions for Chinese-character name screening for AML, regtech and risk management have been approved. To facilitate the sustainable and responsible development of the virtual asset (VA) sector in Hong Kong, the HKMA has been moving forward with full steam in formulating the regulatory regime for stablecoin issuers, and will release a public consultation paper inviting feedback on the proposed regulatory approach and parameters. In addition, the HKMA and the Securities and Futures Commission have jointly issued updated guidance on intermediaries' VA-related activities, and the HKMA is consulting the industry on guidance on other digital asset-related activities conducted by banks with a view to providing protection for consumers.
      
     The Chief Executive of the HKMA, Mr Eddie Yue, said, "This year's edition of the Hong Kong FinTech Week marks 30 years since the establishment of the HKMA. It comes at a time of rapid innovation, with new ideas and opportunities redefining the fintech world. It is essential for our financial services sector to adapt to these changes so that we can continue to be at the forefront of development and achieve the vision set out in the 'Fintech 2025' strategy."

Note 1: The strategy aims to encourage the financial sector to adopt technology comprehensively by 2025, as well as to promote the provision of fair and efficient financial services for the benefit of Hong Kong citizens and the economy.

Note 2: A brochure highlighting the key achievements and future roadmap of Project mBridge was published in October 2023: www.hkma.gov.hk/media/eng/doc/key-functions/financial-infrastructure/mBridge_publication.pdf

      

     The Financial Services and the Treasury Bureau (FSTB) today (November 2) announced a series of major initiatives for fintech development in Hong Kong in the Hong Kong FinTech Week 2023. These initiatives aim at fostering co-development of fintech and the real economy, including launching a new Integrated Fund Platform (IFP); welcoming cross-boundary e-CNY applications to benefit inbound and outbound visitors between the Mainland and Hong Kong; and promoting real economy related applications and innovations by the Virtual Assets (VA) and Web3.0 sector, as well as further development of the regulatory framework.
 
     The Financial Secretary, Mr Paul Chan, said, "The Government has been committed to promoting fintech development in Hong Kong, with a view to enhancing the competitiveness of Hong Kong's financial services industry and the real economy, empowering financial institutions to accelerate digitalisation and product innovation, better serving the real economy, and providing members of the public with more convenient, less expensive, and inclusive financial services. The various relevant policy measures promoted in recent years clearly demonstrate our firm support for the rapid and robust development of the fintech sector."
 
     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "To tie in with the theme 'Fintech Redefined.' of Hong Kong FinTech Week 2023, the FSTB further announced the comprehensive fintech initiatives this year to reflect our strategic views and visions for taking the market forward. From launching a new IFP to welcoming e-CNY applications, and promoting real economy related applications and innovations by the VA and Web3.0 sector, these initiatives will contribute to the real economy and provide further impetus for growing our fintech ecosystem."
 
Launching a new IFP
 
     The new IFP to be developed and operated by the Hong Kong Exchanges and Clearing Limited (HKEX), is a new financial infrastructure for the Hong Kong market. The new IFP targets the retail fund sector, covering the front-to-back distribution life cycle and value chain, and is proposed to better serve investors, fund managers, distributors and other stakeholders within the ecosystem. The integrated platform will serve the roles of a communication hub; a business platform; and an information portal for further strengthening Hong Kong's position as an international asset and wealth management centre.
 
Welcoming cross-boundary e-CNY applications to benefit inbound and outbound visitors between the Mainland and Hong Kong
 
     FSTB is pleased to note that Octopus Cards Limited (OCL) and Bank of China (Hong Kong) (BOCHK) will seek to explore new e-CNY applications. Earlier this year, OCL has partnered with Bank of China Shenzhen Branch to facilitate the purchase of e-CNY hard wallets by Hong Kong residents, via Self-service Card Issuing Machines in Lo Wu, Shenzhen using the Octopus mobile application. Also, BOCHK has launched e-CNY services facilitating payment by inbound Mainland visitors to retail merchants with e-CNY wallets in Hong Kong, and offering Hong Kong customers with a convenient option to top up e-CNY wallets from their Hong Kong personal bank accounts.
 
     As a next step, subject to regulatory approval and technical readiness, the FSTB welcomes OCL to provide an inbound solution facilitating Mainland tourists' use of e-CNY in Hong Kong through topping up Octopus Cards in tourist mobile application.
 
Promoting real economy related applications and innovations by the VA and Web3.0 sector, and further development of the regulatory framework
 
     The Government encourages market participants to explore the potential of the underlying technologies of Web3.0 to empower and enable real economy related applications and innovations. In this regard, a dedicated session will be arranged in this year's FinTech Week for market participants to share their products and project ideas.
 
     On the regulatory side, with regard to tokenisation, to enhance clarity for the market, the Securities and Futures Commission (SFC) will issue a circular on intermediaries engaging in tokenised securities-related activities and a circular on tokenisation of SFC-authorised investment products to shed light on the regulatory expectations from an investor protection perspective. The Government also intends to expand the regulatory remit to cover the buying and selling of VAs beyond trades taking place on VA trading platforms. As for the regulatory regime for stablecoin issuers, the FSTB and the Hong Kong Monetary Authority (HKMA) will issue a joint consultation on the legislative proposal for implementing the regime in due course. On banks' provision of digital asset custodial services, the industry is being consulted on HKMA's guidance to ensure client assets are adequately safeguarded and that the risks involved are properly managed.
 
     The presentation delivered by Mr Hui in the Main Conference of FinTech Week can be found in annex.

  

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong FinTech Week 2023 today (November 2):
 
Distinguished guests, ladies and gentlemen,
    
     Good afternoon. I am delighted to be here, once again, for Hong Kong Fintech Week.
 
     What a global gathering this is. I'm told that attendance is over 30 000 and participants come from more than 90 countries and regions, with over 30 delegations joining, either in person or virtually. 

     The theme of this year's Fintech Week is "Fintech Redefined". Fintech is not just financial technology's portmanteau. It's also a catalyst for driving change and innovation, for making financial services more accessible, inclusive, efficient and user-friendly. It is about bringing real impact and tangible benefits to people's lives. 
 
From livestock financing to pet insurance
 
     The fintech ecosystem here in Hong Kong is, I believe, illustrative of this important undertaking. 
 
     At last count, we are home to about 1 000 fintech companies and start-ups, representing an increase of 25 per cent as compared to the number last year. Many of their founders come from different parts of the world. 
 
     But impressive numbers aside, there are different real-life cases showing how our fintech firms are bringing changes and empowering individuals, businesses and the community at large.
 
     One example is what few may associate Hong Kong with: that is, livestock financing.
 
     Traditionally, it would be difficult for farmers, particularly those in remote regions, to obtain loans from financial institutions. But a local tech company in our Cyberport has used blockchain and IoT (Internet of Things) technologies to develop a real-time system for monitoring the location, health and growth of livestock. The data has provided sufficiently credible information to lenders to accept livestock as collateral. 
    
     And in a similar vein, another fintech company nurtured in Science Park is using AI (artificial intelligence) and data technology to develop a credit risk model to help SMEs (small-to-medium enterprises) obtain loans without collateral, thereby enabling them to accelerate their growth and development.
 
     Besides, virtual banks in Hong Kong are providing convenient, innovative and competitive services to individuals and SMEs. They have indeed driven traditional financial institutions to move faster in digitalisation and product innovation. 
 
     In fact, virtual banks are getting increasingly popular. In a survey conducted by the Hong Kong Association of Banks, the majority of respondents are now seeing virtual banks as convenient, innovative and cheaper alternatives. And more SMEs have begun integrating virtual banking services into their business operations.
 
     You would be delighted to hear that our virtual banks are expanding into markets into Southeast Asia as well. And recently two have made to the global top 10 in mobile banking applications.
 
     And don't forget the four virtual insurance companies in Hong Kong. They are offering innovative products in areas that may be left out by traditional insurers, like coverage for pets including dogs, cats and turtles.
 
     During this Fintech Week, through speeches, conversations, presentations, dialogues and business matching, I am sure you will hear more fascinating stories of our fintech firms, and uncover the vast potential and collaboration opportunities that they offer.
 
As a facilitative regulator
 
     Ladies and gentlemen, Hong Kong's vibrant landscape of fintech, I am proud to say, is the result of concerted efforts of the Government, the public sector and the private sector. While our fintech entrepreneurs are innovative, energetic and resourceful, the Government and financial regulators see ourselves not just a gatekeeper for investor and consumer protection; but also a facilitator to help entrepreneurs succeed. 
 
     That includes facilitative policies and initiatives such as regulatory sandboxes in collaboration with authorities in the Greater Bay Area to test cross-boundary solutions. That also includes providing seed funding, investor matching, incubation and professional support services for our fintech startups. 
 
     And no less important, we are actively driving new initiatives to spur fintech development.
 
     An example is the Commercial Data Interchange, or CDI, launched by the Hong Kong Monetary Authority (HKMA) in October last year. It allows companies, particularly SMEs, to share their sales, logistics, transaction and other data with banks on a consent basis, making it easier for them to access loans and other financial services. In one year, CDI had enabled more than 8 900 loan applications and reviews, with an aggregate credit approval amount exceeding HK$8 billion. 
 
     We are encouraging the use of blockchain technology in financial products, and lead by example. The tokenised green bonds issued in February this year were globally the first such bonds issued by any government. This issuance clearly demonstrated the benefits of using blockchain in capital-markets transactions – it took only one business day to complete the settlement as opposed to five days in the case of conventional bonds.
 
     In the Policy Address delivered last week, the Chief Executive announced another piece of good news. We are expanding the proof-of-concept subsidy schemes to support green fintech. That is bound to expand our green fintech ecosystem, and will further reinforce our status as an international green finance centre. 
 
Going beyond Hong Kong
 
     While our fintech firms have been keen on opening up new markets elsewhere, we are also stepping up cross-boundary collaboration with our counterparts.
 
     The HKMA, for example, is co-operating with the People's Bank of China to expand the use of digital renminbi, or e-CNY, in Hong Kong's cross-boundary retail payments. Recently, an e-CNY pilot project was initiated at the Hangzhou Asian Games for use by the Hong Kong delegation. Members were able to top up their e-CNY wallet via the FPS, our Faster Payment System.
 
     We are encouraging more e-CNY applications. For example, facilitating the use of e-CNY in Hong Kong by Mainland visitors.
 
     And the HKMA and the Bank of Thailand will soon launch a bilateral linkage between FPS and Thailand's PromptPay within this year. It will allow Hong Kong residents to make retail payments with the FPS in Thailand, and vice versa for Thai visitors using their PromptPay.
 
Concluding Remarks
 
     Ladies and gentlemen, I have touched on just a few of the recent developments, and the far-reaching promise, of Hong Kong's burgeoning fintech sector. Throughout this week of information, intelligence, insight and experience sharing, you will understand why Hong Kong is Asia's fintech future.
 
     I wish you all a memorable Fintech Week, and the best of business, and health, in the coming years. 
 
     Thank you.

        

     The Immigration Department (ImmD) is aware today (November 2) of a letter purportedly issued by the ImmD being circulated in the community claiming that the Government would stop accepting applications under the Supplementary Labour Scheme (SLS) from November onwards. The ImmD clarifies that the message is totally groundless and fictitious.
 
     The ImmD spokesman emphasises that the ImmD has never issued the letter concerned to any person or organisation, and reminds the public not to be misled by the fake message. The ImmD severely condemns the parties who made use of the false document to deliberately disseminate incorrect and untrue information. Resolute follow-up action will be taken.
 
     The SLS has been renamed as the Enhanced Supplementary Labour Scheme (ESLS) which has started accepting applications since September 4, 2023. The approvals-in-principle previously granted under the SLS remain valid for the purpose of application for employment in Hong Kong under the ESLS within the periods specified in the approval-in-principle letters. For details of the ESLS, please visit the website of the Labour Department (LD) www.labour.gov.hk or call the Supplementary Labour Division of the LD at 2150 6363. For details on visa/entry permit applications for employment as an imported worker under the ESLS, please visit the ImmD's website www.immd.gov.hk/eng/services/visas/imported_worker.html or call the ImmD's enquiry hotline 2824 6111.

     Following is the speech by the Secretary for Transport and Logistics, Mr Lam Sai-hung, at the 22nd UITP Asia-Pacific Annual Meeting today (November 2):

     Chairman Yap (Chairman of UITP Asia Pacific Division and Deputy Chief Executive of Land Transport Authority of Singapore, Mr Jeremy Yap), Chairman Dr Auyeung (Chairman of the MTR Corporation Limited (MTRCL), Dr Rex Auyeung), Permanent Secretary Dato Empaling (Permanent Secretary, Ministry of Transport Sarawak, Malaysia, Dato Ir Alice Jawan Empaling), distinguished guests, speakers, ladies and gentlemen,

     Good morning, and a warm welcome to all of you as we gather here in this tiny vibrant city. It is my pleasure to address you all today and discuss the integration of Hong Kong's transportation network with the Greater Bay Area. I would like to take this opportunity to congratulate UITP and MTRCL for organising this significant UITP Asia-Pacific Annual Meeting, providing a valuable platform for industry experts and professionals to share knowledge and insights in the field of public transportation.

     Before delving into the topic, allow me to provide some context for those who may be less familiar with the Greater Bay Area. The Greater Bay Area, or the GBA in short, encompasses two special administrative regions, namely Hong Kong and Macao, and their nine neighbouring cities in the Guangdong Province of China. With a combined population of over 86 million and a GDP (gross domestic product) comparable to some of the world's largest economies, the GBA has the potential to become a global economic powerhouse and presents significant opportunities for Hong Kong.

     In recent years, there has been a growing recognition of the importance of connectivity and collaboration among cities. Enhanced connectivity facilitates movement of goods, services, and people, creating opportunities for resource and talent exchange, driving economic growth, and improving quality of life. Businesses can expand their operations and tap into new markets, while scholars and entrepreneurs can foster collaboration and innovation in finance, technology, and research and development. Moreover, integration promotes cultural exchanges and strengthens social ties. By integrating with surrounding metropolises, a city can unlock its true potential and contribute to the development of the entire region.

     To realise the benefits of regional integration, robust transport infrastructure is a crucial prerequisite. Allow me to share the Hong Kong experience in connecting with the GBA to shed some lights on how cities can better connect and create synergies.

     In the past, travelling between Hong Kong and the Mainland was not as convenient as it is today. In 1970-80s, the journey to the Mainland was very circuitous in both the lack of decent transport infrastructure and the tedious CIQ (customs, immigration and quarantine) processes and it would take nearly a whole day to travel from Hong Kong to Guangzhou which is only 140 kilometres apart. Of course, the connectivity between Hong Kong and other GBA cities improved a lot in the past few decades following the improved road and railway network at both sides. However, it is only after the commissioning of two key cross-boundary transport infrastructures, namely the Hong Kong-Zhuhai-Macao Bridge and the High Speed Rail, that the connectivity between Hong Kong and the cities in the GBA has improved significantly in terms of journey time and in terms of the availability of the choice of transport modes.

     The 55 km-long Hong Kong-Zhuhai-Macao Bridge, an engineering marvel, is currently the longest bridge-cum-tunnel sea crossing in the world. It plays a strategic role in facilitating the economic development in Hong Kong, Macao, and the Western Pearl River Delta.  

     Previously, links among these places relied mainly on waterborne traffic. With the commissioning of the Bridge five years ago, the far end of the Western Pearl River Delta is now within a reachable three-hour commuting radius of Hong Kong. The travel time between Hong Kong International Airport and our neighbouring city Zhuhai, located at the other end of the Bridge, has been reduced from around four hours to just 45 minutes, and that between our Kwai Tsing Container Terminal and Zhuhai from 3.5 hours or so to about 75 minutes, allowing goods from the Western Pearl River Delta and beyond to make better use of Hong Kong's airport and container ports and enhancing Hong Kong's position as a trade and logistics hub.  

     The 26-km long Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong High Speed Rail, which also celebrated its fifth anniversary in September, has also played a significant role in enhancing connectivity through linking up with the extensive national high-speed rail network. In this new era of high-speed rail travels, passengers can reach Futian, the new business centre in our neighbouring city, Shenzhen, in just 14 minutes. Previously, when taking the Intercity Through Train service to Guangzhou, the capital city of Guangdong Province, I could comfortably rewatch the football match of my favourite team I missed the night before during the two-hour ride, even if the teams went into the penalty shoot-out stage. Now, with the journey time shortened to 47 minutes, I can only wish for shorter stoppage time so I can at least finish the first half of the game. These improvements have transformed the vision of a "one-hour living circle" within the GBA into reality.

     As an engineering professional who was involved in the High Speed Rail project for over 10 years, I can attest to the challenges faced during the planning, design, construction, and operation stages. Prolonged negotiations, technological complexities, and political considerations were just a few to name. However, the benefits of these strategic infrastructure projects far outweigh the challenges. During the recent National Day and Mid-Autumn Festival long weekend last month, a record-breaking 107 000 passengers were on board the High Speed Rail trains to and from Hong Kong in one day, demonstrating the strong demand for convenient and efficient cross-boundary travel.

     We will never stay complacent. To fully leverage the potential of regional collaboration, we must continue to enhance transportation links and ensure seamless connectivity. A key aspect is to improve the last-mile connectivity within cities and across borders through providing and sustaining an efficient and well-integrated local transportation network. This includes enhancing the connectivity between different modes of transport, such as railway, buses and taxis, to facilitate smooth transfers for passengers.

     The terminus of the High Speed Rail Hong Kong Section in West Kowloon serves as a prime illustration of effective last-mile connectivity. Strategically located at the heart of our bustling metropolis, the station acts as a hub that connects two domestic railway lines, provides convenient access to the Airport Express, and is adjacent to a public transport interchange offering bus, minibus, and taxi services. This graceful integration of various transport modes provides passengers with seamless travel options. The sunken road network surrounding this beautiful station also solves significantly the long-standing road traffic problem in the vicinity of our famous shopping and tourist spots in Tsim Sha Tsui. Moreover, we have also dedicated six hectares of green open space at the station, revitalising it into an urban oasis for the public to enjoy.

     And there is even more. Construction of a major commercial complex with total floor area of about three million square feet at the topside of the West Kowloon Station is going full steam ahead for completion some two years later, providing high-value retail and office space at this prime location and synergising with the adjacent Union Square comprehensive development including the famous International Commerce Centre. This is but one of the many classic examples which demonstrates that a well-planned transport facility would not only provide a place for boarding and alighting, but also drive the development of neighbouring areas, creating economic and living circles centred around it.  

     Going forward, we aspire to build a new generation of Transport Interchange Hubs, or TIHs in short, at strategic locations based on a people-centric approach. The future Hung Shui Kiu Station is among one of the locations with great potential. Situated in the Hung Shui Kiu/Ha Tsuen New Development Area, this area is poised to become a Regional Economic and Civic Hub of our future Northern Metropolis. This new station will serve as a convergence point for multiple major railways, including the existing Tuen Ma Line, as well as the planned Hong Kong-Shenzhen Western Rail Link and the Hong Kong Island West-Hung Shui Kiu Rail Link. We aim to shape the Hung Shui Kiu Station into a new generation TIH that combines cross-boundary and local public transport services. This initiative will expand the coverage of the one-hour commuting network between Hong Kong and Shenzhen, connect with the corresponding transport network in other cities of the GBA, and better integrate Hong Kong into the overall development of our country.

     In addition to providing connections between different modes of transport, the new generation TIHs will prioritise the needs of people by incorporating park-and-ride facilities and dedicated parking spaces for bicycles and electric mobility devices, embracing smart city features, as well as providing a range of options for refreshments, shopping, and other necessary services.
 
     Exciting projects are on the horizon as well. In 2021, the governments of Hong Kong and Shenzhen established the Task Force for Hong Kong-Shenzhen Co-operation on Cross-Boundary Railway Infrastructure. This task force aims to jointly develop the concept of "GBA on the Rail" by advancing two landmark cross-boundary railway projects, namely the Hong Kong-Shenzhen Western Rail Link and the Northern Link Spur Line. The Hong Kong-Shenzhen Western Rail Link is an 18-km railway linking up the Hung Shui Kiu/Ha Tsuen New Development Area with Qianhai in Shenzhen, strengthening the connection between the Northern Metropolis in Hong Kong and the Guangzhou-Shenzhen innovation and technology corridor. With the support of road networks, the two areas will be jointly developed into a strategic hub of a transport corridor on the east bank of the Pearl River and provide another convenient option for residents and tourists travelling to and from the GBA.  

     Meanwhile, the proposed Northern Link Spur Line will pass through San Tin Technopole and the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop and connect with the new Huanggang Port in Shenzhen. This new railway line will help strengthen the cross-boundary transport network and contribute to the collaboration between Hong Kong and Shenzhen on technology and innovation front. 

     In conclusion, the integration of Hong Kong's transportation network with the GBA is a critical step towards unlocking the full potential of regional collaboration and economic development. The construction of key infrastructure projects like the Hong Kong-Zhuhai-Macao Bridge and High Speed Rail has significantly improved connectivity. Looking ahead, by focusing on the last-mile connectivity and continuing investment in new infrastructure projects, we can create a truly integrated and sustainable transport network that benefits both Hong Kong and the GBA.

     Ladies and gentlemen, I wish you all a fruitful and engaging discussion throughout this UITP Asia-Pacific Annual Meeting. Do enjoy your stay in Hong Kong. Do grasp your time to walk around and explore this tiny but beautiful city. Thank you.