Hong Kong bourse operator to run new fund platform
The Hong Kong Exchanges and Clearing (HKEX) will be in charge of developing and operating a new integrated fund platform, with its first phase set to be ready for launch by the end of 2024, the government announced on Thursday.  The platform – first announced by Chief Executive John Lee in his second Policy Address – will cover the full distribution cycle for retail funds in Hong Kong, provide information on funds, and serve as a network connecting different stakeholders.  The bourse operator said it's currently evaluating the operating model and structure of the platform, and intends to finalise its design and development framework over the coming months. "We look forward to helping enhance and support retail fund distribution in Hong Kong, providing investors with cost-effective access to a broader choice of fund products, from a more diversified group of distributors," said Glenda So, HKEX group head of emerging business and fixed income and currency development. The new platform is among a series of initiatives unveiled by the authorities to push forward Hong Kong's fintech development, which also include welcoming the cross-boundary use of e-CNY, China's digital currency, between the SAR and the mainland.  "Recently, an e-CNY pilot project was initiated at the Hangzhou Asian Games for use by Hong Kong delegates. Members were able to top up their e-CNY wallets via FPS – the Faster Payment System," Financial Secretary Paul Chan told the Hong Kong FinTech Week 2023. "We are encouraging more e-CNY applications, for example, facilitating the e-CNY wallet to be used in Hong Kong by mainland visitors."