InvestHK and the HKMA have jointly announced the addition of the central bank digital currency track to the Global Fast Track 2022.
According to the HKMA, the addition of the CBDC track will give local and global companies valuable opportunities to partner with the central banking institution to boost the growth and adoption of FinTech in Asia and beyond.
The CBDC track invites banks, FinTechs and tech companies to submit innovative solutions in eight focus areas, including retail CBDC adoption, wholesale CBDC adoption, programmable money, interoperability, privacy, cybersecurity, foreign exchange and liquidity management and offline payments.
From here, shortlisted applicants will then enter a pitching session exclusive for the track and compete for three awards, namely the Best Use Case Award, Best Technology Award, and Best Ecosystem Award. All qualified candidates may also have the opportunities to work with the HKMA on research projects and pilots to foster the future growth of the CBDC ecosystem.
HKMA chief fintech officer Nelson Chow said, “CBDC exploration has been high on the agenda of central banks around the world and has gained reasonable traction in recent years. As Hong Kong’s central banking institution, we endeavour to future-proof Hong Kong in terms of CBDC readiness on both wholesale and retail fronts as part of our ‘Fintech 2025’ strategy. This year, we are thrilled to partner with InvestHK and introduce a new CBDC track to the Global Fast Track. We are confident that this new CBDC track will yield fruitful outcomes and bring valuable insights, adding to the wealth of knowledge on CBDC and contributing to an enhanced CBDC ecosystem.”
Applications for the CBDC track will now be open until mid-September.
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