A new report titled "Hong Kong Banking 2030," jointly released on September 11 by the Hong Kong Association of Banks and Deloitte China, outlines a comprehensive vision for the industry's strategic development through the next decade. Based on survey responses from member banks, the report examines opportunities across six core themes: Hong Kong's unique advantages, industry prospects, digital innovation, financial inclusion and customer trust, risk and resilience, and future-ready banking organizations. Within this framework, 37 key recommendations are presented under four strategic pillars.
Notably, 99% of surveyed banks expressed a positive outlook on Hong Kong's banking future. Respondents across all institutional types believe Hong Kong's position is strong and enduring, underpinned by deep connections with mainland China, robust infrastructure, and market depth that other financial hubs cannot easily replicate. These advantages are expected to strengthen progressively over time.
Under the pillar of international connectivity, key suggestions include cementing Hong Kong's role as a global offshore renminbi hub through faster payment systems, a broader range of RMB investment products, and more accessible settlement infrastructure. The report also advocates expanding RMB usage in Belt and Road and emerging markets, reinforcing Hong Kong's status as a cross-border wealth management platform, and developing a global commodity trading center through strategic ecosystem building.
Regarding mutual market access, the report proposes extending the Stock Connect framework to include an IPO Connect, which would allow mainland investors to participate in Hong Kong initial public offerings. Additionally, it recommends accelerating the inclusion of RMB-denominated trading counters into Stock Connect to enable mainland investors to buy and sell Hong Kong-listed shares using RMB. Other proposals include clarifying the scope of sales and promotional activities under the Cross-boundary Wealth Management Connect, coordinating customer coverage between booking centers, and unifying portfolio visibility. The report also suggests promoting mutual recognition of professional qualifications within the Greater Bay Area.
In the innovation empowerment pillar, as artificial intelligence and emerging technologies reshape banking operations, the report calls for accelerating the development of AI application guidelines for the industry and investing in quantum financial infrastructure. It further recommends establishing joint response protocols for fraud and cyber incidents, broadening cross-institutional threat intelligence sharing and joint cyber drills, unlocking government "golden data sources," and developing public-private digital infrastructure spanning banks, fintech companies, regulators, and telecommunications operators.
Finally, under financial inclusion and diversity, the report recommends enhancing accessibility and human-centered design throughout the complete customer journey to advance inclusive finance. It urges banks to create inclusive digital platforms catering to diverse user groups, including the elderly. Strengthening digital and financial confidence through public education, fraud protection, and safeguards is also highlighted, alongside establishing responsible product channels for emerging investment categories.