joseph yam : abf pan asia bond index fund opening remarks by mr joseph yam, chief executive of the hong kong monetary authority, at the listing ceremony of the abf pan asia bond index fund, hong kong, 7 july 2005. * * * deputy governors and representatives of the emeap central banks, distinguished guests, ladies and gentlemen, 1. it gives me great pleasure to be present at the inauguration of trading of the abf pan asia bond index fund ( paif ) on the stock exchange of hong kong. it was barely two weeks ago that i attended the listing ceremony of another abf fund. up to now, two components of the asian bond fund initiative, the paif and the abf hong kong bond index fund, have been listed in hong kong. in the next few months, the other seven components of abf2 will also be launched in other asian markets. 2. all of this activity marks the culmination of one of the largest co - operative enterprises among central banks in the asian - pacific region in recent years. i am delighted to see that, after nearly two years of hard work by central banks and monetary authorities in the region, the paif has now been turned from a conceptual construct into a real product. the paif is an excellent demonstration of how the public and private sectors can work together to strengthen the regional bond market as an effective channel for turning savings into investments in asia. 3. the abf hong kong bond index fund made history by being the first bond exchange - traded fund launched in asia. the paif has also set two records. it is the first listed asian bond fund to invest in as many as eight bond markets in the region. as a listed fund, it allows easy access by both institutional and retail investors who wish to have exposure to the asian bond markets in a cost - effective and convenient manner. secondly, the paif is the first foreign institutional investor that has access to the interbank bond market of mainland china. this is an important step in the opening up of chinaa€™s bond market to foreign participants. i am glad to see that the paif has played a catalytic role in development not only in china but also in all the markets in which the fund invests. 4. i take this opportunity to thank state street global advisors ( ssga ), the fund manager of the paif, for their commitment and dedication to the development of this innovative product and to the idea of an asian

howard lee : opening remarks - project sela report launch conference opening remarks by mr howard lee, deputy chief executive of the hong kong monetary authority, at the project sela report launch conference, tel aviv, 12 september 2023. * * * andrew ( deputy governor of the bank of israel andrew abir ), benedicte ( head of the bank for international settlements ( bis ) innovation hub hong kong centre benedicte nolens ), ladies and gentlemen, good morning. opening firstly, i would like to extend a heartfelt thanks to the bank of israel for hosting this event and for their warm hospitality. we're in the conference center of the tel aviv stock exchange, and i must say, it is a privilege to announce the successful completion of the first joint research project between the hkma and the bank of israel from such an iconic venue in front of a high - profile audience. as you have already heard, the name " sela " was chosen to symbolise the collaborative efforts between the hkma and the bank of israel because, besides indicating an ancient israeli coin, it means " rock " in hebrew, thereby referring to the hkma's legacy in central bank digital currency research, which began in 2017 with project lionrock. for those of you who are not familiar with hong kong, the lionrock is the most recognisable mountain in hong kong. this mountain, as you can probably guess, is shaped like a lion. but it's neither its shape nor its height that made it famous, but the folklore over the past decades that today make it the symbol of the " can - do " spirit of hong kong and of its ability to turn complex challenges into opportunities for growth and development. after several months of enthusiastic collaboration and this visit, i can confidently say that this is the same spirit that i can find in this " start - up nation ". hkma's cbdc research besides having a relevant name, project sela also focused on a highly relevant subject for central banks : central bank digital currencies, or cbdcs. the research into cbdcs is a priority for many central banks worldwide, and for a good reason. the digitalisation of currency has the potential to revolutionise financial systems, redefine transaction processes, and even reshape economies. given these profound implications, at the hkma we have been extensively involved in cbdc research at both the wholesale and the retail level, in order to future - proof our