On the afternoon of March 28, the 2026 HKAII Digital Finance Summit (Spring Session), hosted by the Hong Kong Academy of Industry and Innovation (HKAII), took place successfully in Hong Kong. The event opened with introductory remarks by Ge Jun, President of HKAII, and was moderated by Tam Wai Man, Head of Research and Chief Strategist at BOC International. Featured keynote speakers included Dr. Tang Bo, Assistant Dean of the Institute of Financial Technology at the Hong Kong University of Science and Technology; Li Jian, Chief Analyst covering the Non-Banking Financial Sector at Huatai Securities; and Zou Chuanwei, Dean of the Jiangsu Academy of Fintech, Digital Economy and Technology Finance.

Subsequent comments and forward-looking insights were delivered by Xiao Feng, Chairman, Executive Director and CEO of HashKey Group; Shen Jianguang, Chief Economist of JD Group and Visiting Professor at the School of Economics, Fudan University; and Lyu Benfu, Vice President of the China Innovation Alliance and Professor at the School of Economics and Management, University of Chinese Academy of Sciences. Attendees gathered from leading securities firms, international investment banks, asset management institutions, real estate conglomerates and research institutes to exchange views on new opportunities driving the development of digital finance.

President Ge Jun briefed the audience on the development progress of HKAII, outlined the background of the summit, and extended a warm welcome and sincere gratitude to all guests, experts, scholars and industry practitioners in attendance.

From the perspective of financial trends amid major-power competition, Dr. Tang Bo delivered an in-depth analysis of the challenges and opportunities for China’s digital finance sector. He noted that finance constitutes a critical battlefield in global strategic competition. The U.S. dollar currently maintains a mature ecosystem and strong network effects in global payment, reserve and financing markets. The core of RMB internationalization lies in refining the financial ecosystem and expanding high-quality underlying assets. Digital instruments such as stablecoins create new opportunities, with associated risks manageable through robust regulatory compliance. Leveraging technological strengths, China may explore development pathways for RMB-denominated digital financial tools, support emerging economies in building digital financial infrastructure, and embrace the integration of AI and blockchain technology. This will empower Hong Kong to grow into a global digital finance hub and foster a diversified international financial system.

Adopting a traditional financial research perspective and referencing global industry data and practical cases, Li Jian analyzed the essence, current landscape and diversified application prospects of stablecoins. He explained that stablecoins are private-sector issued digital assets pegged to fiat currencies, backed by secure underlying assets to ensure liquidity. Despite inherent limitations including fragmented standards and limited flexibility, blockchain enables efficient peer-to-peer payments, significantly cutting cross-border transaction friction, while atomic settlement effectively mitigates counterparty risks. He further examined the development potential of Hong Kong dollar stablecoins, highlighting promising use cases in trade settlement and Real World Asset (RWA) tokenization. Adequate market liquidity and a comprehensive supporting ecosystem remain pivotal for unlocking the real-world value of stablecoins.

Combining digital finance practices across mainland China and Hong Kong, Zou Chuanwei compared regulatory approaches and industry characteristics for Web3.0 and digital assets in both regions, covering policy frameworks and technological implementation. He pointed out that Hong Kong has gradually shifted its terminology from “virtual assets” to “digital assets”, aligning progressively with international regulatory standards, while the mainland adopts a prudent, risk-controlled approach toward innovation in related fields. Though categorization rules differ, the underlying regulatory logic shares common ground. The digital renminbi still holds room for improvement in cross-border application and smart contract interoperability. Mainland progress on RMB-related digital finance is constrained by capital account controls and existing financial regulations, while the real-world implementation of RWA tokenization in cross-border financing still faces practical bottlenecks regarding costs and procedural efficiency.

During open discussions, participants engaged in lively exchanges on the core value, technological application and regulatory outlook of stablecoins.

Xiao Feng remarked that a broad consensus has formed globally across blockchain and digital finance. Traditional financial institutions, regulators and industry stakeholders are shifting from independent exploration to collaborative cooperation. Financial giants are accelerating blockchain adoption, moving beyond consortium chain research toward real-world implementation. He emphasized blockchain’s fundamental importance as next-generation financial infrastructure, noting stablecoins’ contributions to inclusive finance and streamlined cross-border payments. Currency digitalization and tokenization represent irreversible long-term trends, requiring synergy between blockchain technology and compliant regulation to ensure healthy development.

Shen Jianguang observed that the global stablecoin market remains dominated by the U.S. dollar system, with the United States leading regulatory and legislative progress while Europe advances at a slower pace. The mainland maintains strict prudential supervision toward stablecoins, encouraging academic research and technical exploration within compliant boundaries. Future innovation may focus on offshore RMB scenarios, exploring feasible pathways to support RMB internationalization under effective risk controls. Further research and continuous tracking of global trends are recommended for cross-border digital renminbi applications.

Lyu Benfu highlighted atomic payment settlement as a pivotal technological evolution, affirming blockchain’s long-term value in boosting financial efficiency while acknowledging risks manageable through improved regulation. Over the next five years, integration between AI agents and blockchain payments is expected to gain momentum, with agent-based accounts and automated payments emerging as key focus areas requiring strengthened permission management and risk control mechanisms. Emerging technologies must balance market demand with regulatory frameworks to achieve compliant, risk-controlled implementation.

Bringing together leading experts and industry practitioners in digital finance, this summit delivered practical insights on stablecoins, blockchain and other core themes, facilitating cross-party exchanges, mutual learning and collaborative progress for the sector.