Speech by FS at workshop on “Digital Public Infrastructure as an Enabler for Resilient Economies” of 2026 AIIB Annual Meeting (English just) (with photos/video)
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Following is the speech by the Financial Secretary, Mr Paul Chan, at the workshop on “Digital Public Infrastructure as an Enabler for Resilient Economies” of the 2026 Asian Infrastructure Investment Bank (AIIB) Annual Meeting in Doha, Qatar, today (September 28, Doha time):
Fellow Governors, identified panelists, honoured visitors, girls and gentlemen,
Excellent afternoon. It is an enjoyment to join you for this conversation on digital facilities and financial strength.
From digital services to public worth
Facilities links individuals to chances. Beyond roadways and power grids, digital connections assist people gain access to services, and services reach markets and get financing.
Putting services online does not always make them work together. People might still require to supply the exact same info consistently in order to get various civil services, while organizations require to do the very same in order to show their credit reliability. Digital public facilities can bridge these spaces through sharing identity, monetary and other info on a single typical platform, which can likewise assist in payment.
For establishing economies, the concern might be inclusive and hassle-free access to important services. For innovative economies, it might be linking various systems developed independently over several years. Whatever the beginning point, all economies wish to satisfy the goals of their individuals: that is, in the digital period, individuals can utilize every service they require simply a fingertip away.
How do we make such information and services readily available flawlessly for the advantage of the individuals and services? And how do we secure their personal privacy so they can take part with self-confidence?
Enable me to share Hong Kong’s experience in this pursuit.
Hong Kong’s experience
In Hong Kong, our comprehensive broadband networks and developed information facilities supply a strong structure. The job is to reveal and personal services more linked and available.
“iAM Smart”our mobile digital identity platform is one example. It permits our locals to utilize one identity for various services, from tax filing to accessing health records, hence lowering paper work and duplicated confirmations. It now supports over 1 400 online services supplied by the Government along with public and personal organisations. It is totally free for our homeowners, with charges waived for private-sector provider so regarding motivate early adoption.
There is still much to do to make the experience smooth and enjoyable. Our lesson is to bring federal government departments and organizations together early, settle on typical requirements, and style services around our users, therefore eliminating department borders. That requires arrangement on top priorities and co-ordination of application schedules. Simply put, not just innovation compatibility. We are bringing more services into “iAM Smart” and, by the end of this year, extending it to services through a Digital Corporate Identity platform.
Much better connections can likewise make financing easier and inclusive. Our Faster Payment System, or FPS, links banks and e-wallets for instantaneous transfers all the time. By the end of in 2015, the typical everyday worth of deals done through FPS reached US$ 2 billion. Its protection has actually likewise been encompassed cover cross-border activities. By connecting with Thailand’s PromptPay. Visitors can pay taking part merchants in both locations with their normal payment apps.
E-wallets in Hong Kong – or what we call kept worth centers – have over 90 million accounts. That was almost a 50 percent development compared to 2022.
Beyond payments, access to credit stays an obstacle for smaller sized services. SMEs (little and medium-sized business) might have sound trading records however inadequate security for a bank loan. The Hong Kong Monetary Authority’s Commercial Data Interchange, or CDI, safely links banks with business information companies. With customers’ previous permission, banks can utilize such information to examine credit reliability. By June this year, over 100 000 loan applications with an aggregate worth of over US$ 11 billion had actually been concluded by utilizing CDI.
For importers and exporters, banks typically count on shipping documents for confirmation of delivery. Task Cargo X, which develops on CDI, makes freight and trade information available much faster, assisting banks validate deals and offer the required funding. Simply put, it allows prompt and much easier access to trade financing, not merely less documentation.
AI provides a brand-new chance to raise performance and enhance civil services. In federal government, our AI Efficacy Enhancement Team is combining AI adoption with workflow redesign to provide much faster, more responsive services to our people and organizations, consisting of licensing approval and grievance handling.
Understanding AI’s prospective throughout the economy needs strong fundamental assistance, consisting of computing capability and dependable electrical power. At Sandy Ridge in the Northern Metropolis, we are establishing a significant information center cluster in an energy-efficiency and lower-carbon way.
To make these resources available and budget friendly, we have actually presented a US$ 500 million Artificial Intelligence Subsidy Scheme for qualified research study organizations, start-ups and organization enterprises.
Facilities and gain access to, organizations require space to experiment various options. In financing, for instance, our AI sandbox program covers banking, securities, wealth management, insurance coverage and retirement strategies, allowing companies and regulators to evaluate applications and improve items for larger adoption.
Eventually, the advantages of AI depend upon individuals’s capability to utilize it with confidence and properly. Our “AI for All” program looks for to widen AI literacy throughout the society and reinforce the abilities of our labor force and services. The objective is to gear up individuals from all strolls of life to take part in an AI-enabled economy and share in its chances.
The much deeper obstacle: governance and trust
The much deeper difficulty in AI adoption is governance. In the interest of time, I would simply highlight 2 carefully associated obstacles. Cybersecurity. Greater connection increases direct exposure to attacks and disturbance. Security should be integrated in from the start, supported by routine screening, upgrading and the capability to recuperate rapidly.
Our legislation for safeguarding crucial facilities worked this January, needing designated operators to examine dangers, conduct security audits, prepare action strategies and report events. The goal is connection of necessary services.
Information sharing depends upon trust. Our Consented Data Exchange Gateway offers an institutionalised system for protected, consent-based information sharing within the Government and with external stakeholders like the banking sector. On the one hand, this helps with much better and more effective shipment of public and personal services; and on the other, clear and transparent procedures supply the required safeguards to motivate trust. Far, the entrance has actually helped with over 62 million exchanges.
Second, AI amplifies dangers, making rip-offs more advanced and enabling mistakes to spread out at speed and scale. Safeguards should be constructed into how AI is obtained, checked, utilized and kept track of.
This month, we launched Hong Kong’s First Five-Year Plan (the First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030)) and the 2026 Policy Address, which set out our AI risk-governance method. We will deal with stakeholders and specialists on sector-specific assistance and governance structures. Safeguards need to deal with threats connected with each application instead of in the kind of a universal requirement for all.
We will likewise evaluate whether the existing law currently sufficiently addresses liabilities for damage triggered by AI. Development does require space to establish, however those impacted should have clearness about duty and redress.
Our vision is clear: guardrails should remain in location to provide individuals self-confidence to accept development. In this method, we can continue earlier and much faster.
Dealing with AIIB
Ladies and gentlemen, the next stage of digital advancement must be determined not just by how linked we end up being, however by the chances we develop and the strength we construct. I applaud AIIB for bringing us together to share useful experience on this crucial topic.
Hong Kong stands prepared to add to share our experience and gain from one another. Together, we can understand the typical aspiration of structure digital facilities that enhance individuals’s lives and improve company performance. Thank you quite.