has great potential. although tips was primarily designed for instant payment settlement in euros, it is a multicurrency system. this feature means that the eurosystem does not only aspire to provide yet another market infrastructure, but also has the ambition of supporting the market by promoting closer cooperation, including with non - euro central banks. indeed, tips is currently attracting considerable interest in the international community of central banks. in april 2020, the riksbank concluded an agreement with the eurosystem to use the tips technical platform for the settlement of instant payments in swedish krona as of may 2022, and is currently working with the bank of italy and the ecb to implement the so - called rix - inst instant payment service. the phase of the project currently under way was preceded by another phase of gap analysis that permitted the identification of all functional enhancements required to allow riksbank to access the tips platform. the most notable outcomes of this gap analysis activity were the definition of a new settlement model, alternative to the one defined on the basis of the sct inst scheme and called single instructing party. 3 the upcoming onboarding of the swedish banking community gave rise to the idea of exploiting the common instant payment infrastructure in order to provide a cross - currency solution for instant payments. this solution will initially involve only the euro and krona communities but, in the near future, it will of course be available for all other currencies joining tips. indeed, the agreement concluded with riksbank last april can represent a starting point for broader initiatives, which may ultimately result in interconnecting other currencies and other currency areas. the danish krone is the next in line. indeed, danmarks nationalbank has expressed interest in joining tips by november 2025. 4 the connection to tips will allow danish banks and providers of payment services to settle payments in both currencies within seconds. enabling the tips platform to process cross - currency instant payments is a response to the burgeoning consumer and business needs arising from the growth of cross - border e - commerce, tourism and migration flows, and must be read as part of the broader g20 initiative to address the key challenges often faced by cross - border payments. in october 2020, the g20 endorsed a roadmap describing the necessary elements of a response to these challenges, in the form of a 2 / 3 bis central bankers'speeches set of 19 building blocks. one of the building blocks ( number

norman t l chan : hkma fintech day speech by mr norman t l chan, chief executive of the hong kong monetary authority, at hkma fintech day, hong kong, 11 november 2016. * * * my, george, julia, frank, herman, albert, distinguished guests, ladies and gentlemen, 1. it gives me great pleasure to welcome you all to this hkma fintech day, which is part of the fintech week. today we have a great gathering with speakers and participants from diverse background of the financial and technology sectors, including banks, stored value facility ( svf ) operators, fintech firms, fintech investors, regulators and many others. i am sure the discussions today both on and off the stage will be extremely interesting. 2. the event today is organized by the fintech facilitation office ( ffo ) of the hkma together with our three strategic partners : the applied science and technology research institute ( astri ), cyberport and the hong kong science and technology parks ( the science park ). as you are aware, we set up the ffo in march this year with the mission to facilitate the development of fintech in hong kong. 3. in the last few months, the ffo has organized many activities to bring together users and solution providers of fintech, so as to build an ecosystem to promote the adoption of new technologies in the banking sector. the ffo will continue to develop this collaborative platform together with astri, cyberport and the science park. in a few moments the hkma will be signing a memorandum of understanding with each of them to formalize the framework of cooperation. 4. now i would like to report on the latest progress of four major fintech projects launched by the ffo earlier. first, following my announcement of the launch of the cybersecurity fortification initiative ( cfi ) in may, the ffo has been making very good progress in developing the three pillars of the cfi. a three month industry consultation of the first pillar of cfi, the cybersecurity resilience assessment programme, was completed in august, with positive responses from the banking sector. taking into account the comments received, the ffo is finalising the assessment programme and will announce the detailed framework next month for implementation by banks in hong kong. regarding the second pillar of the cfi, the cybersecurity intelligence sharing platform, again good progress is being made. the computer platform will be in