On October 24, 2018, the Hong Kong Public Key Infrastructure Forum was invited to participate in the “Beijing-Hong Kong Financial Services Cooperation” Seminar of the 22nd Beijing•Hong Kong Economic Cooperation Symposium. Under the witnesses of Mr Zhang Youlin, Member of the Party Group and Deputy Director of the Beijing Financial Work Bureau, Mr Zhang Jian, Deputy Inspector of Beijing Investment Promotion Bureau, Mr Joseph Chan, JP, Under Secretary for Financial Services and the Treasury HKSAR Government, and Mr Raymond Yip, Deputy Executive Director of the Hong Kong Trade Development Council, the Hong Kong Public Key Infrastructure Forum, Beijing Software and Information Services Industry Association, China Payment & Clearing Network Co., Ltd. and Smart City Consortium signed the “Beijing-Hong Kong Financial Innovation Interconnection Framework Agreement”.
In the era of networking and digitalization, the importance of electronic identity interconnection has been fully highlighted. How to make sure the Beijing and Hong Kong transaction parties can conclude a legally-bind contract under a simple, safe, fast and fair environment through secure online certification is the major focus.
The signing parties stated that the Beijing-Hong Kong interconnection and interoperability mechanism will promote the financial innovation and development of the two places, supporting Hong Kong's participation and assistance in the “Belt and Road” development. It also promotes Hong Kong-Beijing financial cooperation and promote the cross-border financial industry between Beijing and Hong Kong, which is a catalyst for rapid development.
The signing parties from Beijing and Hong Kong will jointly establish a financial service platform for Beijing-Hong Kong interconnection and real-name financial system based on the principle of complementary advantages, win-win development and promotion of industry and local economic development, facilitating Beijing citizens and enterprises to sign electronic contracts remotely with Hong Kong. Besides, utilizing Hong Kong's international competitive advantages to assist Beijing enterprises to explore international markets, promote branding, to “go global” and promote the “Belt and Road” development. The signing parties also want to establish the Beijing-Hong Kong interconnection of technical standards and mechanisms based on the relevant laws of the two places, which will promote the popularity of electronic identity in Beijing and Hong Kong and apply to cross-border internet applications such as cross-border finance.
