On November 20th, as per The Standard, the Hong Kong Financial Services and the Treasury Bureau in collaboration with the Shenzhen Local Financial Supervision Bureau jointly issued the “Action Plan for Collaboratively Building the Hong Kong-Shenzhen Global FinTech Center (2025-2027)”. It was pointed out that by the end of 2027, more than 20 cross-border data verification platforms would be established in the financial fields between Shenzhen and Hong Kong. This would promote Shenzhen financial institutions to set up FinTech subsidiaries in Hong Kong. It would also drive continuous innovation in the application scenarios of the digital RMB and support the joint participation of both places in various central bank digital currency cross-border network (mBridge) research and application projects. At the same time, it would encourage Shenzhen companies to issue sustainable offshore RMB bonds in Hong Kong and support the establishment of a green asset development platform based on technologies such as blockchain and smart contracts.
