three short years : the launch of the faster payment system ( fps ) ; the granting of eight virtual bank licences ; the adoption of the open api framework by the banks ; and the creation of a blockchain - based trade finance platform. these are major milestones so far on our fintech journey. and this is just the start. i am sure you are as confident as i am that more exciting things lie ahead. 9. having come this far, this is a good time to ask some questions. are we headed in the right direction? have we made any wrong turns – and what have we learned from them? this is a new journey for everyone, and after riding on this super highway for the last few years, i have three reflections that i would like to share with you. technology adoption is a bumpy road 10. first, we must bear in mind that technology adoption is a bumpy road. it is definitely not a smooth and straight path. to innovate, we have to do things that others have not done before – or have attempted, but failed at. we have to go through processes of trial and error, and make adjustments along the way. we might run into dead ends at times, because some really exciting ideas may simply be unfeasible. we might run into problems even when adopting mature technologies, whether from a programme glitch or a clash with established work processes. 1 / 5 bis central bankers'speeches 11. this is certainly our experience. soon after the launch of the fps in september last year, we started to see a few fraud cases coming in. these have nothing to do with the security design of the fps itself – it ’ s about creative fraudsters exploiting the speed and convenience of the system. they stole money from bank accounts using fake e - wallets opened with stolen identity documents of victims. so we had to take immediate action to stop certain fps functions, to allow time for the e - wallet operators and banks to enhance their security measures. 12. this was a setback to a new system trying to gain acceptance and trust from the public – and this unpleasant surprise came along. but thanks to the cooperation of banks and ewallet operators, we found the cause of the problem quickly and fixed it. we also communicated with the public – quickly and openly – in order to rebuild confidence in the fps. 13. understandably, this led to a brief drop in fps usage when

darryl chan : opening remarks - treasury markets summit 2024 opening remarks by mr darryl chan, deputy chief executive of the hong kong monetary authority, at the treasury markets summit 2024, hong kong, 27 september 2024. * * * distinguished guests, members and friends of the tma, ladies and gentlemen : good morning. on behalf of the hkma and the tma, a very warm welcome to you all for joining this annual treasury markets summit. the annual event has been, and will continue to be, a great gathering that promotes the sharing of thoughts, ideas and friendship among professionals from the treasury markets and experts from related disciplines. i'd like to congratulate the tma team on curating a highly relevant and interesting programme for this year's summit. special thanks to our panellists who will generously share their insights and foresights on subjects that are so closely related to our day - today work such as china's economic outlook, and subjects that will or may have profound impact on the way financial markets including the treasury markets operate a€ “ here i am referring to cbdc and defi. and, speaking of china's economic outlook, these past couple of days were extraordinary. i am sure we can't wait to hear the sharing by our experts. and of course we also look forward to hearing what eddie has to say about offshore rmb business, a topic that i'm sure concerns almost every one of us here today, and a topic that is hugely important to sharpening the edge of hong kong as an international financial centre. but before we embark on the forward - looking journey, let me take a few minutes to highlight a number of remarkable achievements by the tma in the past year or so. in terms of market infrastructure, the tma's dedicated working group has done a wonderful job in helping market practitioners prepare for the smooth transition of libor to alternative reference rates and facilitating the adoption of hong kong dollar overnight index average, or honia, as an alternative to hibor. no fanfare, but the silence spoke volumes about the hard work behind the scenes. on the introduction this week of severe weather trading in our stock market, the tma has reviewed the arrangements of the financial benchmarks it administers and undertook to continue publishing hkd and cnh fx spot rates during severe weather conditions, facilitating the implementation of the new trading arrangement. the tma also actively provides market perspectives and advice in support of the development of