The Hong Kong Monetary Authority is actively exploring blockchain technology to revolutionize global payments. Vice President Chan Wai-man highlighted the initiative during the 7th Guangdong-Hong Kong-Macao Greater Bay Area Financial Development Forum, emphasizing its role in attracting mainland businesses to establish headquarters and treasury centers within Hong Kong. He emphasized the need for efficient international payment systems, citing high costs and intermediaries as major obstacles. Chan believes that blockchain’s potential to streamline these processes will be crucial in addressing these challenges. Hong Kong is actively developing Central Bank Digital Currencies (CBDCs) alongside commercial bank currencies, aiming to offer more cost-effective and convenient payment solutions for cross-border transactions and investments.