cbdc如何进一步改善香港的支付

© Oliver WymanAcknowledgementCo-authors of the white paperAppraised as the “Best Retail Bank in Hong Kong” by The Asian Banker for six consecutiveyears, Hang Seng Bank is a leading financial institution in Hong Kong. Hang Seng Bank offersa wide range of financial products and services to individuals, businesses, and institutions,including personal banking, commercial banking, wealth management, andinsurance.With a strong commitment to innovation and customer centricity, Hang Seng Bank hasestablished itself as a trusted and reliable partner for its customers, helping them achievetheir financial goals and navigate the ever-changing landscape of the globaleconomy.Hang Seng Bank is one of the sixteen firms that participated in Phase 1 of the e-HKD PilotProgramme. One of their use cases was awarded the “Best Use Case Award” at the GlobalFast Track 2022’s CBDC Track Pitching Competition in November2022.For more information, visitwww.hangseng.comOliver Wyman is a global leader in management consulting. With offices in more than 70cities across 30 countries,Oliver Wymancombines deep industry knowledge with specializedexpertise in strategy, operations, risk management, and organization transformation. Thefirm has 7,000 professionals around the world who work with clients to optimize their business,improve their operations and risk profile, and accelerate their organizational performanceto seize the most attractive opportunities. Oliver Wymanis a business of Marsh McLennan[NYSE:MMC].For more information, visitwww.oliverwyman.com © Oliver WymanAcknowledgementWith inputs fromThe Hong Kong Monetary Authority (HKMA) is Hong Kong’s central banking institution and anintegral part of the Hong Kong Special Administrative Region Government. The HKMA has fourmain functions: maintaining currency stability within the framework of the Linked ExchangeRate System; promoting the stability and integrity of the financial system, including the bankingsystem; helping to maintain Hong Kong’s status as an international financial centre; andmanaging the ExchangeFund.For more information, visitwww.hkma.gov.hk © Oliver WymanForewordGilbert LeeHead of Strategy & Planning and Chief of Staff to Chief Executive of Hang SengBankWe are delighted to present the final report of our e-HKD real-life simulation, conducted aspart of the Hong Kong Monetary Authority’s e-HKD Pilot Programme. This report summarisesvaluable feedback collected from participants, reflecting the potential of e-HKD and providingreferences for regulators, policymakers, and industryplayers.As a leading advocate of central bank digital currency (“CBDC”) in Hong Kong and MainlandChina, Hang Seng actively participates in CBDC research and development. In 2023, wesuccessfully created innovative e-HKD use cases and conducted real-life simulations incollaboration with strategic partners and industryplayers.Looking ahead, we will continue to actively participate in discussions, share insights, andcontribute to CBDC development in the region while supporting other HKMAinitiatives.Special thanks to our partner on this report,Oliver Wyman, and our partners in the e-HKDPilot Programme, including Hong Kong Cyberport Management Company Limited, TheChinese University of Hong Kong, and FORMS Syntron Information (HK)Ltd.Ronald FungPartner, Digital and Financial Services Practices, OliverWymanCentral bank digital currencies (CBDCs) come with exciting potential, yet many industrypractitioners are still in the exploration stage, with hesitations. To contribute to theresponsible community in exploring the future of money,Oliver Wymanhas been workingcollaboratively with policymakers, traditional financial institutions, disruptors and civicsociety in thought-leadership and various pilotendeavours.Through this joint report, Hang Seng andOliver Wymanaim to crystallise the variouscharacteristics and benefits of an e-HKD. Additionally, this report identifies the key enablersrequired to unlock the future potential of e-HKD. We believe this report can facilitate theindustry in gaining a better understanding and confidence to embark on this explorationtogether, creating much-needed collaboration between the private and publicsectors. © Oliver WymanContentsExecutive summary1.Potential value of e-HKD1.1Rationale for piloting CBDCs1.2Value of a CBDC to Hong Kong2.A real-life experiment2.1Use cases’ design and rationale2.2Feedback from the pilot and its implications2.3Reflection on enabling e-HKD’s future success3.From vision to operation3.1Participation models3.2Programmability setup and ownership3.3Innovation-friendliness of e-HKD platform4. What’s next for stakeholders 6889121216202122262830 © Oliver WymanExecutive summaryCentral bank digital currencies (CBDCs) have gained widespread interest from around theworld. A CBDC is a digital form of a fiat currency that is issued by a central banking institution.Some countries, like China and the Bahamas, are running advanced pilots (e.g., e-CNY inChina and Sand