Hong Kong Treasury Bureau: It is exploring the arrangements and feasibility of upgrading digital wallet to increase usage limits and expand application scenarios

Hong Kong's Secretary for Financial Services and the Treasury, Mr Hui Ching-yu, introduced the development of Hong Kong's stablecoins and digital RMB. He said:<br /> The People's Bank of China has worked closely with the Hong Kong Monetary Authority to optimize the arrangement of digital RMB. At present, the number of mainland operators responsible for operating digital wallets has increased from four in the initial stage to five, and the number of local banks in Hong Kong participating in "fast-moving" value-added digital wallets has also increased from 17 in the initial stage to 18. The number and usage of digital wallets opened with Hong Kong mobile phone numbers have grown steadily.<br /> According to the People's Bank of China, as of the end of January 2026, a total of approximately 80,000 digital wallet registrations have been recorded. The Hong Kong Monetary Authority and local banks have been actively promoting the application of digital RMB in Hong Kong. At present, the number of local merchant retail outlets accepting digital RMB has increased from approximately 300 in the initial period to approximately 5200, covering chain retail stores, hotels, travel agencies, restaurants, convenience stores and supermarkets.<br /> The People's Bank of China and the Hong Kong Monetary Authority are discussing the arrangements and feasibility of upgrading digital wallet to increase the usage limit of digital wallet, expand application scenarios and enhance user experience. As the policies and technical details involved still need to be discussed in depth, specific plans and timetables need to be implemented.<br /> Stabiloins and central bank digital currencies (such as digital RMB), as well as other new payment instruments, including tokenized deposits and cross-border connections to fast payment systems, have the potential to be used in different scenarios such as transaction settlement, local or cross-border payments, provided they comply with relevant legal and regulatory requirements.<br /> These payment instruments have their own characteristics and varying degrees of maturity, and their future development prospects are largely determined by market forces. Governments and financial regulators will continue to explore the potential and application scenarios of various new payment instruments to better leverage the synergy between them, thereby solving more pain points in the real economy.