HK To Develop E-commerce

Financial Secretary Paul Chan

Hong Kong remains favourably positioned to develop e-commerce and to serve as the region's e-commerce hub. We are blessed with world-class information and communications technology infrastructure. Our household broadband penetration rate is about 93%, while our mobile penetration rate has reached a remarkable 280%.

And we are committed to helping Hong Kong business, particularly SMEs (small and medium-sized enterprises), take full advantage of the digital transformation sweeping the world. 

Our Technology Voucher Programme, for example, helps SMEs procure technological services and solutions to improve their productivity, transform their practices and enhance their online business, while upgrading cybersecurity measures. 

We are also dedicated to getting the money into your hands, faster and more efficiently. Last year, the Monetary Authority launched the Faster Payment System, enabling individuals and businesses to transfer funds instantly, seven days a week, 24 hours a day. The system has now recorded more than 3.6 million registrations. Transaction volume has also jumped by nearly 10% every month, with the average number of daily transactions exceeding 150,000 with a total amount of around $2.2 billion a day. The Hong Kong Special Administrative Region Government now accepts payments of taxes, rates and water charges through the Faster Payment System.

At the same time, we established a common QR code. This standard is to help promote mobile retail payments, while providing a consistent user experience for merchants and consumers.

We are also working to create a smart city, focusing on the more than 70 measures recommended in the Smart City Blueprint for Hong Kong. Together with our pro-innovation government procurement policy, this should expand opportunities for local SMEs and startups.

There is much more in the smart works. For the moment, however, there is nothing more important than healing the divide in our society. Let me assure you, we are working hard to respond to the dissension. Through continuing dialogues, active communication, community initiatives and other means, we are hopeful of moving ahead, in harmony, in peace and in good faith.

Financial Secretary Paul Chan gave these remarks at the Joint Opening of SmartBiz Expo & Asian E-tailing Summit on December 4.