Photo/Wang Fan (NBD)

Apr. 17 (NBD) -- As China has unveiled a development blueprint to turn the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) into a technology and innovation center with global influence, the Hong Kong SAR will serve as the international logistics & infrastructure and financial center, Chief Executive Carrie Lam Cheng Yuet-ngor pointed out at the Internet Economy Summit.

In her opening remarks on Monday, Lam said the GBA will give full play to the advantages of the cities within the area and enhance their cooperation with international enterprises, and Hong Kong is expected to become the "Eastern Wall Street" and the "Eastern Silicon Valley", the 21st Century Businss Herald reported.

According to Paul Chan Mo-po, Financial Secretary of Hong Kong, to date 550 Fin-Tech enterprises and startups have built headquarters in the special administrative region, having raised over 1.1 billion U.S. dollars over the past five years.

To develop the financial technology sector is one of the priorities for the Hong Kong government, Chan underscored.

In such an effort, Hong Kong last September launched Faster Payment System (FPS) to replace more traditional transfers that could take several business days to process. As of February this year, the registered users of the service numbered 2.5 million and the payment system has handled transactions worth 220 billion in Hong Kong dollars as well as 6 billion in renminbi.

Moreover, the Hong Kong Monetary Authority last month granted banking licenses to Bank of China (Hong Kong), Standard Chartered Bank and other financial institutions, allowing them to operate in the form of a virtual bank.

Former Hong Kong secretary for financial services and the treasury and current senior advisor to online lender WeLab, Ceajer Chan Ka-keung, noted that the coordinated economic development of the GBA is likely to open the huge market of the region to Fin-Tech companies in Hong Kong.

Development in the GBA is expected to inject new impetus into the financial technology domain of Hong Kong.

Email: gaohan@nbd.com.cn