AoF-HKIMR Roundtable on Decentralised Finance (DeFi) and The Metaverse: Opportunities and Challenges for the Financial Services Industry

26 June 2024

The Hong Kong Academy of Finance (AoF) and the Hong Kong Institute for Monetary and Financial Research (HKIMR) jointly hosted a roundtable on “Decentralised Finance and the Metaverse: Opportunities and Challenges for the Financial Services Industry” on 26 June 2024. The roundtable presented the key highlights of the HKIMR’s two latest applied research reports on decentralised finance (DeFi) and the metaverse, as well as the global landscape and regulatory frameworks surrounding these frontier technologies.

(from left to right)
Dr Giorgio Valente, Head, HKIMR; Dr Tom Fong, Senior Manager, HKIMR; Mr Steven Yu, Senior Manager, Digital Finance Division, Hong Kong Monetary Authority (HKMA); Mr Enoch Fung, CEO, AoF and Executive Director, HKIMR; Mr Peter Brewin, Partner, PwC Hong Kong; Dr Elsa Dong, Senior Manager, HKIMR

Mr Enoch Fung, CEO of the AoF and Executive Director of the HKIMR, commenced the roundtable with opening remarks and introduction of the research background and motivation. Dr Giorgio Valente, Head of the HKIMR, then presented a high-level overview of these technologies, their relationship with virtual assets and Web3 markets, and their potential benefits and applications. Dr Tom Fong and Dr Elsa Dong, Senior Managers of the HKIMR, reported the key findings of the surveys and interviews conducted with leading financial institutions, virtual asset and metaverse service providers in Hong Kong, offering insights into the current engagement, opportunities and challenges, and the talent landscape associated with the evolution of DeFi and the metaverse. This was followed by comments from Mr Peter Brewin, Partner of PwC Hong Kong, and Mr Steven Yu, Senior Manager of the Digital Finance Division of the HKMA, who shared their perspectives on the two reports and offered insights into market views and regulatory developments globally.

Mr Enoch Fung provided opening remarks, followed by presentations by Dr Giorgio Valente, Dr Tom Fong, Dr Elsa Dong, Mr Steven Yu, and Mr Peter Brewin

In the final segment, Mr Enoch Fung moderated a roundtable discussion featuring the speakers and industry associations’ representatives. This exchange of views focused on recent developments in aim of facilitating the sustainable and responsible development and application of DeFi and the metaverse in Hong Kong’s financial services industry.

Mr Enoch Fung moderated a lively roundtable discussion

The roundtable was well-attended with representatives from 14 industry associations, including: Association of Chartered Certified Accountants Hong Kong (ACCA); American Institute of Certified Public Accountants (AICPA); Asia Securities Industry & Financial Markets Association (ASIFMA); FinTech Association of Hong Kong (FTAHK); Hong Kong Applied Science and Technology Research Institute (ASTRI); Hong Kong Institute of Certified Public Accountants (HKICPA); Hong Kong Investment Funds Association (HKIFA); Hong Kong Securities and Investment Institute (HKSI); International Capital Market Association (ICMA); Institute of Financial Planners of Hong Kong (IFPHK); Institute of Financial Technologists of Asia (IFTA); Private Wealth Management Association (PWMA); The Hong Kong Federation of Insurers (HKFI); and The Hong Kong Institute of Bankers (HKIB).

Last revision date: 4 July 2024