already have a thriving ecosystem for finance and technology businesses here. this has been bolstered by the hkma ’ s smart banking initiatives, which have catalysed digitalisation in the banking sector, driving faster and more efficient services for customers. i ’ m sure many of you are finding banking and payments much more convenient than before. 22. we will continue to work with the banking industry to apply technology to enhancing finance for customers in hong kong. we will explore greater use of artificial intelligence and data analytics in banking operations. we will also explore improvements to hong kong ’ s data infrastructure so that bank customers, particularly small businesses, can make better use of their own digital footprint to enhance their access to finance. and we will adopt the latest technologies for cross - border applications, such as international payments and trade finance. our vision for hong kong to become a leading global fintech hub will create a wealth of opportunities for local and international players. 23. the third trend driving opportunity is green finance. hong kong is already at the forefront of promoting the role of finance in driving the transition to a more sustainable economy. our government is one of the few government issuers with a dedicated green bond programme. we have a robust green finance ecosystem that draws on experts from around the world. as a banking supervisor, the hkma is pushing forward a green banking framework. we are also working with other regulators on a local taxonomy for defining green projects. and we are seeking to prioritise investments that align with environmental, social and governance principles as we deploy the reserves entrusted to us in the exchange fund. 24. our work in developing green finance is relevant beyond hong kong. going back to our role as a gateway for investment to the mainland, hong kong ’ s embrace of green finance will also promote foreign participation in the mainland ’ s sustainable capital markets, which are among the world ’ s largest. 25. when speaking of opportunities, i should also mention the all - important element of human capital. our people have always been our greatest resource. we need to maintain a highlymotivated, highly - skilled workforce to uphold the standards that give hong kong its competitive edge. through the hkma ’ s ‘ capacity building for future banking ’ initiative, we have worked with the banking sector to create a long - term plan for delivering the advanced skills our industry requires. this investment in people creates opportunities for our workforce to advance and prosper within the fast - evolving banking landscape. 26. as with our efforts to ensure the

provides room for our banks to continue lending and providing relief measures to customers during the covid - 19 outbreak. 14. and our capital markets are thriving. hong kong was the world ’ s leading ipo centre last year. although global markets were tested by extreme volatility in the first quarter, our capital markets have continued to function without incident. as several large chinese companies that had listed in the us seek secondary listings in hong kong this year, we should once again achieve a very high ranking in the global ipo league table. 15. none of this happened by luck or by chance. the resilience we see now is the result of sustained efforts over many years. it ’ s the result of building capital and liquidity buffers into the banking system ; and prudently managing the reserves that support the linked exchange rate system. it ’ s the result of enhancing our own – and the banks ’ – operational resilience and business continuity plans. it ’ s the result of communicating effectively with stakeholders to maintain confidence in the financial system. 16. so this quality of resilience is the product of a long term investment in the many factors that make our system strong. abundance of opportunities 17. the second quality of an international financial centre that i want to talk about is its ability to generate opportunities for investors. advanced financial centres like hong kong compete fiercely with each other. we succeed by offering investors opportunities so that they can succeed. that means we need to keep innovating, exploring new frontiers and developing our value proposition. 18. hong kong ’ s advantages in offering opportunities to global investors is mainly down to three macro trends. i believe these will provide the impetus for us to continue growing and outperforming. 19. first of all, financial liberalisation on the mainland creates enormous opportunities for hong kong. we have always been the dominant financial gateway between the mainland and the rest of the world. today, more than half of international investors ’ stock and bond investments on the mainland are made through hong kong. we have also announced a pilot scheme for wealth management connect and have other initiatives under development in the greater bay area. 20. with our unique advantages and strengths – including the common law system and world2 / 4 bis central bankers'speeches class financial regulations and market practices – hong kong will remain the leading portal for international investors seeking opportunities on the mainland. 21. t he second trend that is creating opportunity in – and for – hong kong is fintech development. we