use cases to address existing pain points, and we are happy to provide policy support. in addition, hong kong's offshore market is the best place to serve the development of the greater bay area ( gba ). enterprises in the gba are able to handle their crossborder settlement, investment, financing and asset management in hong kong for their overseas business expansion. we believe all these initiatives and developments will reinforce hong kong's role as an international financial centre and offshore rmb business hub, and equip ourselves with more experience and capabilities to facilitate further rmb internationalisation and china's economic development as well. digitalisation and innovation i've just explained how the hkma will be focusing on market connectivity and rmb internationalisation going forward. let me now move on to the third and final focus area - digitalisation and innovation. in fact, digitalisation and innovation is at the same time an underlying enabler that makes the previously - mentioned exciting developments possible. for example, if not for digitalisation and the relevant tools, the hkma would be hard - pressed to imagine, let alone begin, the multi - year journey of overhauling the cmu. although digitalisation is so critical to the future of an organisation, regrettably some entities, public or private, are still hesitant to digitalise their processes - possibly because not everyone is fully convinced that the long - term benefits could outweigh the short - term costs of investment and efforts. more often than not, the benefits of digitalisation in terms of the efficiency gained and cost saved are not that easy to measure at the early stages of a digitalisation project. though success may take time to materialise, the hkma has continued to stay very open - minded and push ahead with digitalisation and innovation on many fronts. for instance, we published our new fintech promotion roadmap two weeks ago to further accelerate fintech adoption in the financial services industry. in addition, we have continued our work on a proposed regulatory regime for stablecoins, with the aim of fostering responsible and sustainable development of this nascent development. the hkma continues to invest in digitalisation and innovation because we believe that they can open up new opportunities. let me elaborate a bit here. first is the opportunity to test a concept and validate efficiency gains in a controlled scale. technology enables us to think big to address pain points in a way previously not 4 / 6 bis - central bankers'speeches possible. take our

efforts do not stop here. just to share a few examples of our discussion with mainland regulators on further enhancements. for wealth management connect, we are exploring ways to widen the product scope, enhance sales and promotion arrangements, and allow more financial institutions to participate. we are making progress and i look forward to sharing more with you in the very near term. for bond connect, we are looking to provide more interest rate risk management and liquidity management tools to global investors while expanding the list of southbound market makers. to further develop the recently launched rmb counter in the stock market, we are exploring the inclusion of the rmb counters in southbound stock connect. all of the above will deepen the two - way opening - up of mainland financial markets while further consolidate hong kong's role as an international financial centre. rmb internationalisation but hong kong's edge as the leading offshore rmb business hub is not just a matter of our mutual market access with the mainland. in fact, hong kong has the largest offshore rmb liquidity pool, occupies the top position for global rmb payments, and has a mature rmb business ecosystem which has been enhanced over the years. looking ahead, the long - term economic growth and capital account opening process of china would continue to provide impetus to further advancements of offshore rmb business. market participants would find rmb useful for their crossborder trade settlement as well as investment diversification amid the challenging global macroeconomic conditions. to meet growing rmb business demand, we will continue our efforts in enhancing rmb liquidity, product and infrastructure in our offshore rmb market. meanwhile, the tma has recently formed a working group of experienced rmb 3 / 6 bis - central bankers'speeches specialists from banks in hong kong to gather views on offshore rmb market development. i look forward to the working group's proposals on opportunities and concrete steps in taking things forward. enhancement of our offshore rmb business platform allows us to strengthen our intermediary role which connects china and the rest of the world, and in turn promote wider use of rmb in the international markets. an increasing number of economies, including those in the middle east and the asean, want to use the rmb to settle their trade with china. so we are working with banks to promote more participation in our offshore rmb market from asean and the middle east. we think the industry can really play a big role in overseas promotion events. we also welcome the industry to build