The Treasury Markets Summit 2018, jointly organised by the Hong Kong Monetary Authority (HKMA) and the Treasury Markets Association (TMA), was held today (Friday) in Hong Kong.
In his keynote address to the Summit, Mr Norman Chan, Chief Executive of the HKMA, shared his view that crypto-assets would unlikely become an alternative form of money in the future. He explained why such crypto-assets lack “moneyness” while presenting various challenges to supervisors, policy makers and law enforcement agents. Mr Chan said that industry practitioners, regulators and policy makers, while embracing new technology and innovation, must also guard against the risk of overlooking the nature of the financial transactions and the risks that are inherent in these transactions under the pretext of technological advancement. In his address, Mr Chan also pointed out that overseers of payment systems should take proactive steps to ensure that large value as well as small value retail payment systems, making use of commercial bank or central bank balances, are efficient, convenient and at low cost to the users. In this connection, he referred to the launch of the Faster Payment System which will provide instantaneous and free P2P payments, making use of either mobile phone number or email address.
The Summit’s panels focused on three important topics, including global economic developments, financial market cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area, and the potential impact of virtual banking and other fintech advancements on traditional treasury operations.
Speakers of the panels included Mr Howard Lee, Deputy Chief Executive of the HKMA and Chairman of TMA Executive Board, Mr Chordio Chan, General Manager, Head of Investment, Investment Management, Bank of China (Hong Kong) Limited, and Mr Jack Cheung, Chief Executive Officer of Treasury Markets Association. They were joined by other distinguished guest speakers from the financial industry.
The Summit was attended by over 300 local and overseas participants, including representatives from regulatory authorities, Government officials, treasury market practitioners, asset managers as well as senior executives and professionals from banks, other financial institutions and corporates.
Hong Kong Monetary Authority
Treasury Markets Association
21 September 2018
Mr Norman Chan, Chief Executive of the HKMA, gives the welcoming remarks and keynote speech at the Treasury Markets Summit 2018 held in Hong Kong.
Mr Howard Lee, Deputy Chief Executive of the HKMA and Chairman of the TMA Executive Board (third from left), shares his views on the global economic developments. Joining him on the panel discussion are Mr Justin Chan, Co-Head of Markets, Asia Pacific, The Hongkong and Shanghai Banking Corporation Limited (first from left); Mr Chen Xing-dong, Managing Director and Chief China Economist, Head of Global Market Research (China), BNP Paribas (second from left); Mr Madhusudan Mohanty, Head of Economics and Financial Markets for Asia and the Pacific, Bank for International Settlements Asian Office (second from right); and Dr M.K. Tang, Managing Director, Global Macro Research, Goldman Sachs (first from right).