Market Development of Hong Kong Special Administrative Region of the People's Republic of China

2004

In the Hong Kong Special Administrative Region, the Electronic Transactions Ordinance (Cap. 553) (“ETO”) was enacted in 2000 and updated in June 2004.  In general, the ETO is to…”accord electronic record and electronic signature the same legal status as of paper-based counterparts”… ¹

2009

On June 5, 2009:  Suggestions on framework for mutual recognition of electronic signature certificates of Hong Kong and Guangdong signed ²

2015

In view of the increasing popularity of Internet banking, the HKMA and the banking sector initiated the development of e-Cheques to provide a more convenient way for bank customers to issue and deposit cheques online.  The e-Cheque service is scheduled for launch in December 2015.³

2016

In October 2016, SFC in a circular stated the requirements on account opening… To verify the identity of the client, his or her identity information should be checked against a reliable and authoritative source of documents or database, such as the national citizen identity database maintained by the government …In a non-face-to-face situation…Certification services that are recognized by the ETO, such as the certification services available from the Hongkong Post, may be employed for client identification purpose. As clarified above, the use of the certification services provided by certification authorities outside Hong Kong whose electronic signature certificates have obtained mutual recognition status in Hong Kong could also be accepted for client identity verification purpose”…

2017

In May, Hong Kong Financial Services Development Council published paper No. 30 Hong Kong – Building Trust Using Distributed Ledger Technology stated…”Potential efficiency enhancements could include providing digital identity for all Hong Kong residents and Hong Kong-registered companies on which DLT applications could be built, digitalising the Land Registry, Hong Kong’s intellectual property register and the Companies Registry, and supporting the Belt and Road Initiative”…One of the benefit…”Distributed data and identity – returning ownership of data and identity to the individual by providing a secure and reliable source defining the individual in terms of profile, health, activity records, tastes, etc., so enabling a multitude of tailored services, as well as superseding today’s tech giants which gather personal data for their own commercial ends”

2017

CE Policy address 2017,  Mrs. Carrie Lam (October 11, 2017)

“The Government will invest $700 million for Smart City infrastructure projects, including an eID, a single digital identity allowing individuals to conduct government and commercial transactions online” 

2018

FS Budget address 2018, Mr. Paul Chan(February 28, 2018)

Tech infrastructure a prerequisite…”Building essential technology infrastructure is another critically important strategic area. In this regard, the Hong Kong Monetary Authority is developing a Faster Payment System. It will allow residents to use their mobile phones for payment - anytime, anywhere. We are also gearing up for the 2020 commercial launch of 5G mobile services and applications. We will as well provide a universal eID - a single digital identity and authentication allowing the people of Hong Kong to access government and commercial online services”

 

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