香港银行业研究2030

HongKongBanking2030Foreword

31.

Background

52.

Methodology

63.Perspectivesfromthe

Committee

of

HKAB

74.

Executive

Summary

115.Summary

of

Findings

13CoreReportThemes6.Hong

KongIs

Deepening

Role

in

Global

Finance187.Stronger

Client

Relationships

are

Driving

GrowthAcross

Every

Segment238.Financial

Inclusion

is

Being

Designed

into

Growth279.AIAndWeb3Technology:

From

Pilotto

Production

2910.No

Bank

can

Defend

Itself

Alone3311.Every

Strategy

Needs

an

Organisationthat

can

Deliver

It3612.Recommendations

3913.Industry

InsightswithAppreciation

5014.Conclusion

53Appendix:SurveyQuestions&References

54Appreciation

forCollaborativeEfforts56ContactUs

57ContentsThe

Hong

KongAssociation

of

Banks

bringstogether

Hong

KongIs

|icensedbanks,

inc|uding

internationa|,

Chinese

Main|and

and

|oca|

institutions.Thisbreadth

ofrepresentation

makes

us

unique|y

p|acedtotake

a

co||ectiveview

of

the

opportunities

and

cha||engesthatwi||

definethe

next

chapter

ofthe

banking

industrythroughto

2030.Weare

p|easedtoshare

our

report,HongKongBanking2030,

deve|oped

inco||aborationwith

De|oitte.

lt

bringstogether

insightsfrom

acrossthesectorto

offer

aforward-|ooking

perspective

onthe

road

ahead.The

report

revea|s

astriking

degree

ofa|ignmentwithinthe

|oca|

banking

industry.

Our

members

differ

insca|e,

ownershipand

marketfocus,yettheyshare

acommonview

ofthe

opportunities

ahead

andthe

conditions

neededto

rea|ise

them.Where

progress

may

benefitfrom

po|icysupport,weset

outthe

re|evant

considerations;where

it

depends

onthe

industryIs

co||ective

efforts,westand

readyto

p|ay

our

part.We

extend

oursincerethankstoa||

member

banksthat

contributedtothis

report,

aswe||

asto

De|oittefor

its

partnershipthroughoutthestudy.

Capturingtheopportunities

and

navigatingthe

cha||enges

out|ined

inthis

reportwi||

require

continued

co||aboration

acrossthe

banking

industry,togetherwith

ongoingengagementwiththe

Government

andfinancia|

regu|ators.We

|ookforwardto

workingtogetherto

he|pshapethefuture

ofbanking

in

Hong

Kong.Mr.Sun

YuChairpersonof

TheHongKong

AssociationofBanksViceChairmanandChiefExecutiveofBankofChina(HongKong)Limited3ForewordHong

Kong

Banking

2030

is

a

landmark

initiative

by

Deloitte

andThe

Hong

KongAssociation

of

Banks.As

artificial

intelligence,

digitalfinance,sustainability

priorities,

and

evolving

customer

expectations

reshapethe

banking

landscape,

howwillthese

redefinethe

industry'sfuture?Drawing

on

asurvey

ofover

100

banks,the

report

highlightsgrowth

areasincludingwealth

management,AI

adoption,

digital

assets,greenfinance,

RMBinternationalisation,

and

cross-border

connection,

outlining

recommendationsfor

bankstoscale

innovation,strengthen

resilience,and

capture

new

opportunities.Together,these

insights

present

astrategicvisionforthefuture

ofbanking

and

opportunities

ahead.

Morethan

a

report,

Hong

Kong

Banking

2030

is

a

callto

action:

Collaborate,

Innovate,

and

Shapethefuturetogether.NatalieChanDeloitteChinaHongKongBanking2030

ProgrammeLeaderDoraLiuDeloitteChinaCEO4Hong

Kong

Banking

2030

is

afirst-of-its-kindjoint

initiativefrom

De|oitteandThe

Hong

KongAssociation

ofBanks(HKAB),

undertakento

definethetrajectory

of

Hong

KongIs

banking

industrythroughthe

end

ofthe

decade.

lt

draws

on

primary

researchfromadiverse

range

ofbanksacrossstrategic

industrythemes.This

report

not

on|yprovides

aforward-|ookingassessment

oftheforcesshaping

Hong

Kongbankingthroughthe

end

ofthe

decade,

but

a|so

provides

constructive

andfuture-oriented

recommendationsfor

po|icymakers.Structuredacrosssix

dimensions:Hong

KongIs

advantages,

industryopportunities,

digita|

innovation,financia|

inc|usionand

customertrust,

riskand

resi|ience,andfuture-readyorganisations,the

report

aimsto

inform

and

inspire

co||ective

action.

ltseeksto

contributetothe

continuedgrowth

and

competitiveness

of

Hong

KongIs

banking

industry.Thefindingssitwithin

a

c|ear

po|icy

context.The

ChiefExecutiveIs2025

Po|icyAddress

committedtostrengthening

Hong

KongIs

positionacross

equity

markets,

bonds,

currency

markets,wea|th

managementandsustainab|efinance.The

Hong

KongMonetaryAuthority(HKMA)Is

Fintech2030strategy,

pub|ished

in

November

2025,

providesthe

po|icyfoundation

through

itsfour-pi||ar

DARTframework,

covering

data

infrastructure,Aladoption,

resi|ience

andtokenisation

offinance.The

Nationa|

15th

Five-Year

P|an,which

high|ightsthe

countryIscontinuedsupportforstrengthening

Hong

KongIs

ro|e

as

an

internationa|

financia|

centre,

|ends

addedweightto

these

|oca|

initiatives.1

Background5Thesurvey

comprised

interviewswithsenior

banking

executivesandquantitative

questions

measuringsector

outlook,fintech

posture,perceived

challenges,technologyinvestment

priorities,and

leadershipchallenges,

and

qualitative

questionsexploring

each

ofthe

reportIs

corethemes.

Quantitative

resultsarereportedas

proportions

ofthetotalrespondent

base.

Qualitative

responses

are

reportedverbatimandattributedto

named

institutions.Thefindingsare

based

on

asurveyconducted

inthefirst

halfof2026

by

Deloitte

in

partnershipwith

HKAB,seeking

inputsfrom

its

147

memberbanks

in

Hong

Kongwith

diversityfrom

international

banks,

Chinese

Mainland

banks

and

local

Hong

Kong

banks.2

Methodology6TheCommitteeofHKABserves

astheAssociation,s

highestgoverning

body,

responsiblefordirectinganddeciding

its

businessand

policies.Representinga

broadspectrumofbanksfrom

international,ChineseMainlandand

local

bankingcommunities,theCommittee

bringstogetherdiverse

perspectivesanddeep

industryexpertise.

Hong

Kong

Banking2030

benefits

notonlyfromtheviewscontributed

by

HKAB,s

member

banks,

but

alsofrom

insightsgatheredthroughstructured

interviewswiththe

banksthatsitontheCommittee.Alongsidethesurveyfindingsanalysed

elsewhere

inthis

report,eachofthese

institutionswas

invitedtoshare,

in

itsownwords,

itsoutlookfor

Hong

Kong

banking

incoming

5years.7PerspectivesfromtheCommitteeof

HKAB3HongKongBanking2030Bank

of

China(Hong

Kong)LimitedMr.Sun

YuViceChairmanandChiefExecutiveHong

Kong’s

role

as

a

super-connector

betweenthe

Chinese

Mainland

andglobal

markets

is

stronger

than

ever.

Building

onthisstrategic

advantage,the

banking

industry

is

evolving

beyond

itstraditional

role

as

aservice

providerto

become

atrusted

advisor,

digital

enabler

andseamless

cross-borderconnector.Thisshift

is

creatingsignificant

opportunities

onseveralfronts,

particularly

as

a

growingnumber

ofChinese

enterprises

expand

overseas.Astheirtrustedfinancial

partner,wesupporttheir

overseas

expansion

by

providing

end-to-end

cross-bordersolutions,

accessto

international

capitalmarkets,andseamless

cross-borderfinancialflows.StandardCharteredBank(HongKong)LimitedMs.MaryHuenChiefExecutiveOfficer,HongKongandGreaterChina&North

AsiaAs

Hong

Kong

lookstowards

2030,

I

remain

optimisticabout

itsfutureas

one

oftheworld's

leadinginternationalfinancial

centres.

Hong

Kong'ssuccess

hasalways

been

built

on

connectivity,and

I

believe

thatadvantagewill

become

even

more

important

intheyearsahead.Weare

seeing

a

new

wave

ofChinese

enterprises

expandingglobally,with

Hong

Kong

remainingthe

naturalgatewayfor

capital,

financingand

cross-border

business.Atthesametime,the

internationalisation

of

the

Renminbicontinuestogather

momentum,further

reinforcing

Hong

Kong's

roleastheworld's

leading

offshore

RMB

centre.TheHongkongandShanghaiBankingCorporationLimitedMrs.Maggie

NgChief

Executive

Officer,Hong

Kong

andHead

of

Retail

Banking&

Wealth,Hong

KongHong

Kong’s

bankingfuture

rests

onthree

pillars:

GBA

integration,generationalwealthtransferand

3,380family

offices.

Overtaking

Switzerland

astheworld’s

largest

cross-borderwealth

hub

isa

milestone,

notthefinish

line.To

sustain

leadership,we

must

meet

rising

demandsfor

personal,simple,

and

instant

service.AItransforms

dailyfinance,while

human

advisors

remainvitalfor

major

decisions.At

our

bank,we

are

building

agoverned

model

–

human-led

advice,

digital

self-service,

and

AI

solutions

–to

shapetomorrow’s

banking.HongKongBanking20308HongKongBanking2030Looking

aheadtothe

15th

Five-Year

P|an

period,

HongKongIs

banking

sector

shou|d

a|ign

c|ose|ywith

nationa|deve|opment

priorities

andfu||y

|everagethe

cityIsstrategic

advantagesto

enhancefinancia|servicesforsma||

andmedium-sized

enterprises(SMEs).

Banks

ofthefuturewi||notsimp|y

provide

capita|;they

must

becomestrategicpartnersto

SMEs,

he|pingthemstabi|ise

operations,

expand

markets,

drivetransformation

and

p|anfor

|ong-termgrowth.

Bysupporting

SMEsthrough

eachstage

oftheirdeve|opment,from

ear|ygrowthto

maturity

and

expansion,

the

bankingsector

can

contribute

meaningfu||yto

HongKongIs

economic

deve|opment.Al

is

centra|to

howwe

bui|dthefuture

ofbanking.

lt

isnot

an

option.We

are

notwaitingto

be

disrupted.We

are

disrupting

ourse|ves

de|iberate|y

by

creating

anAl-enab|ed

workforce,

and

embeddingAl

into

every

part

ofhowwe

run

our

business.We

have

moved

beyond

experimentationto

execution,

usingAlto

acce|erate

innovation

at

aspeedwe

have

notseen

before.Weare

enhancing

c|ient

experience

and

un|ockinggrowth

opportunitieswithAl-poweredso|utions.Al

demandssca|e,speed,and

bo|dness.Al

is

a

step-change.The

opportunitiesare

exceptiona|.We

are

high|y

confident

inthe

|ong-term

sustainabi|ity

of

Hong

KongIs

position

as

a

|eadingg|oba|

capita|

markets

hubthrough

2030.

Hong

Kong

hasfirm|y

estab|isheditse|fas

one

ofthetwog|oba||y

re|evant

capita|

marketcentres,

serving

as

a

critica|

p|atformfor

investors

seeking

diversification.The

cityIs

status

as

a,Super

ConnectorIisfurther

reinforced

by

its

integrated,

efficientfinancia|infrastructure,

robust

regu|atory

supervision,

andvarious

connect

programmes.Alandtransformationa|techno|ogieswi||beatruedifferentiator

instrengtheningourcorecompetitiveness.

PredictiveandagenticAlhavethepotentia|tochangethewaybankingservices

arede|iveredand

received,especia||yfordigita|

nativessuchasGenZ.Withrobustgovernanceandethica|frameworks,the

industry

can

confident|y

sca|e

innovation

whi|e

upho|ding

thehigheststandardof

trustandethics.Looking

aheadto

2030,we

be|ieve

Hong

KongIs

position

as

an

internationa|financia|

centre

andthe

|eading

offshore

Renminbi

hubwi||

become

evenstronger,

driven

bydeeperfinancia|

integrationwithinthe

Greater

BayArea,the

continuedgrowth

ofthewea|th

managementsector,

advances

infinancia|techno|ogy

and

digita|transformation,

andthe

deve|opment

ofsustainab|efinance.Bankof

Communications(HongKong)Ltd.Mr.

Xiao

TingChairmanandExecutiveDirectorCMB

WingLungBankLimitedMs.OliviaLamDeputyGeneralManager,AlternateChiefExecutiveOfficerCitibank,N.A.Ms.

AvelineSanCEO

and

Head

of

Banking,Hong

KongBNPParibasMr.Hugo

LeungChiefExecutiveOfficer

Hong

KongTheBankofEast

Asia,LimitedMr.

AdrianLiCo-Chief

Executive9Overthe

nextthreetofiveyears,AIwill

reshape

bankinginways

customers

canfeel:fasteranswers,simplerjourneysand

more

relevantservice.At

our

bank,thevision

is

clear.Wewant

colleaguesto

useAIto

create

apersonalised

experiencefor

every

customer.

It

must

be

safe,

realtime

andscalable.And

it

must

keep

humanjudgement

and

accountability

atthe

core.Toscaleresponsibly,we’refocusing

onthefundamentals:trusted

data,

modern

platforms

and

cleargovernance

alignedto

our

riskframeworks.We’re

also

building

practical

skills,

so

colleagues

know

howto

useAIwell—

andwhen

people

must

decide.Under

HK

Banking

2030,

banks

are

redesigning

bothoffshore

delivery

andthe

onshore

role.At

our

bank,thismeans

centralisingstandardised,

high-volume

processesto

Indiatogainscale

and

efficiency.Atthesame

time,

it

isreshaping

our

onshore

model,with

Hong

Kong

evolving

into

a

higher-value

hubfor

client

engagement,

decision-making,

risk

oversight,andtransformation.We

remain

highly

confident

inthe

continuedstrengthening

of

Hong

Kong’s

position

as

an

internationalfinancial

centre.

This

confidence

stems

not

onlyfrom

Hong

Kong’s

unique

advantage

ofbeing

backed

bythe

mainlandwhilestaying

globally

connected,

but

alsofromthe

convergence

ofmultiple

positivefactors

andthe

intrinsic

momentum

ofthe

bankingsector.Againstthe

backdrop

ofdeepening

regional

integrationand

acceleratingtechnological

innovation,

bankingservices

tothe

real

economy

are

expanding

beyondtraditionalfinancing

into

a

broadersuite

ofoffering

encompassingcapital,

intelligence,

connectivity

andtechnology.Trulyleading

banks

mustsimultaneously

demonstrate

hightechnological

productivity,

cross-border

network

resilience,strong

capabilities

in

client

and

asset

aggregation,strict

capital

discipline,

andthe

capacitytosupportsustainable

transformation.NanyangCommercialBank,LimitedMr.Sun

JiandongExecutiveDirectorandChiefExecutiveMUFGBank,Ltd.Mr.Kenji

ImutaManagingDirector,DeputyHeadofHongKongBranchIndustrialandCommercial

BankofChina(Asia)LimitedDr.Liu

YaganChairman&ExecutiveDirectorHang

Seng

Bank

LimitedMs.LuanneLimExecutiveDirectorand

ChiefExecutiveHongKongBanking203010across

equity,

debt

and

currency,

a

common

|aw

framework,

andthe

major

offshore

Renminbi(RMB)

c|earing

infrastructure

ofgenuineg|oba|

sca|e.The

po|icydirectionreinforcesthatfoundation.The

Nationa|

15th

Five-Year

P|an

reinforces

Hong

KongIs

position

as

an

internationa|

hubforfinance,

assetandwea|th

management,and

offshoreRMB

business.The

Government

is

a|so

active|y

pushing

aheadwiththe

deve|opment

ofequity

markets,

bond

markets,wea|th

managementandsustainab|efinance1.

Respondents

regard

this

as

a

credib|esigna|

ofintent.

lt

providesthe

regu|atory

and

market

conditionswithinwhich

the

deve|opments

described

inthis

report,fromstab|ecoin

infrastructuretotokenisedassetsett|ementtothefami|y

office

expansion,are

taking

p|ace.The

bankingsystemthat

emergesfromthisdecade

in

Hong

Kongwi||

be

materia||y

different

fromthe

onethat

entered

it.The

ChineseMain|andIs

deepening

integrationwiththeg|oba|

economy,the

maturingAl

across

banking

operations,the

concentration

of

AsiaIswea|thmanagement

industry

inthe

city,

andtheemergence

ofdigita|asset

infrastructurearenot

passingtrends.They

represent

durab|estructura|shifts,

converging

in

an

internationa|financia|

centre(lFC)whose

marketstructure,

|ega|

framework,

and

po|icy

environment

are

designed

to

amp|ifythem.Thesurvey

conductedforthis

report

ref|ectsthatassessment.Across

institutions,

confidence

in

Hong

Kong

bankingthrough

2030

is

near-universa|.Thegrowth

driversare

consistent:Guangdong-Hong

Kong-Macao

Greater

BayArea

(GBA)

corridor

connectivity,Al

dep|oyment

atsca|e,thewea|th

management

opportunity,and

a

capita|

market

positionthat

makes

Hong

Kong

the

essentia|

interface

between

Chineseandg|oba|finance.These

advantages

rest

on

aspecific

structura|foundationthat

defines

Hong

Kong

as

an

lFC:free

capita|f|ows,

deep

and

|iquid

markets4

ExecutiveSummaryHongKongBanking203011What

is

|ess

certain

is

how

institutions

continuetosca|etheir

capabi|itiesto

matchthe

paceofopportunity.The

most

consistent

cha||engeidentified

acrossthesurvey,

cited

by

52%

astheir

defining

|eadership

cha||enge,

comes

down

to

execution

capacity:

ensuringthe

rightta|ent,operating

mode|s

and

organisationa|structuresare

in

p|aceto

capture

increasing|y

comp|exopportunities

arisingfrom

Hong

KongIs

position

as

an

lFC.Whi|e

confidence

in

Hong

KongIs

bankingfuture

remains

high,

respondents

consistent|yhigh|ightedthree

conditionsforsuccess:

managing

geopo|itica|fragmentation,strengthening

cyberresi|ience,andsecuringtheta|ent

needed

tode|iverAl-enab|edtransformation.

Fai|uretoaddressthese

constraints

cou|d

|imitthesectorIs

abi|itytofu||y

rea|isethe

opportunities

identified

in

this

report.That,

u|timate|y,

isthe

rea|story

of

Hong

KongBanking

2030.

Hong

KongIs

ro|e

in

internationa|

finance

is

deepening,

itsstructura|

advantagesremainstrong,and

banks

arefocused

oncontinua||y

evo|vingto

a||owthemse|vestocompete,

innovate

andgrow

instepwiththeopportunities

ahead.

Key

recommendationsand

actionab|estrategies

have

been

out|ined

in

Section

12tofurtherstrengthen

Hong

KongIsposition

as

a

|eadingg|oba|financia|

hub

overthe

next

5years.are

positive

aboutthefuture

of

Hong

KongIs

banking

sectorarestrategica||y

proactive

or

forward-focusedaboutfintech

innovationcitedgeopo|itics

asthetop

source

ofmarketvo|ati|ityfor

Hong

Kong

bankscitedgenerativeAl

andprocessautomation

astheir

top

investmentareawithin

techno|ogyidentified

|eading

digita|transformationastheirtop

|eadership

cha||enge99%53%52%64%42%12CapitalMarketsSeeStrongMomentumHong

Kong

raised

HK$286

billion

across

119

listings

in

20252,

reclaimingtheglobaltopspot.

Momentum

hassince

accelerated:

by

end-July

2026,

IPO

proceeds

had

already

reachedHK$328

billionacross

104

listings—surpassingthewhole

of2025

in

seven

months

and

up

154%year-on-year—with

HKEX

citing

a

"robust

listing

pipeline

ofinnovativetech

namesand

international

companies"

heading

into

H2

20263

.That

momentum

isstructural

ratherthan

cyclical,

anchored

by

an

expanding

mix

ofprimary

listings

by

Chinese

companies,A+Hdualstructures,andsecondary

listingsfor

internationallyactive

businesses.As

the

operating

bridge

betweenthe

Chinese

Mainland

andglobal

capital,

Hong

Kong

remainsthe

natural

andincreasingly

indispensable

destinationfor

investorsseeking

meaningful

exposureto

Chinesesecurities.5

SummaryofFindingsHongKong’s

AdvantagesThefindings

below

representthe

clearestsignalsfromthesurvey:thethemes

on

which

institutionswere

most

consistent,

mostforward-looking,

and

mostspecific.1HongKongBanking203013RMBInfrastructureisDeepeningHong

Kong's

position

astheworld's

leading

offshore

RMB

hub

rests

on

hard

infrastructure:

it

already

handles

over

70%

ofglobal

offshore

RMB

payments.Volume

alone,

however,is

no

longerthe

only

measure;

respondentsseethe

next

phasefocused

on

enhancingcapabilities

faster

payment

systems,

more

accessible

settlement

infrastructure,

and

abroader

range

of

RMB-denominated

productsfor

institutional

investors

emerging.Thatshift

is

alreadyvisible

inwhatthe

infrastructure

now

does:

Project

mBridge,the

multi-central-bank

digital

currency

platform

operated

bythe

HKMAtogetherwiththe

DigitalCurrency

Institute

ofthe

Peoples

Bank

ofChina,the

MonetaryAuthority

of

Macao

andthecentral

banks

ofThailand,the

UnitedArab

Emirates,settled

RMB

390

billion

ofwholesalecross-border

paymentsfrom

2022to

2025,with

new

corridorssettowidenthat

reach

overthe

next

five

years.BanksareFollowingClients

AbroadChinese

enterprises

expanding

into

emerging

markets

are

pulling

Hong

Kong

bankswiththem,

creating

corridor-based

demandfortradefinance,syndicated

lending,treasuryservices,and

hedging

productsthat

respondents

expectto

deepen.

Hong

Kong-basedinstitutions

bring

notjust

capitaltothesetransactions

butalsoa

relationship

layer

built

onfamiliaritywith

Chinese

clients,

experience

in

cross

borderstructuresand

established

local

credibility.The

city's

role

inthis

ecosystem

has

national-level

backing:the

National

15th

Five-

Year

Plan

has

positioned

Hong

Kong

as

a

key

platformfor

Chinese

enterprisesgoingglobal.PrivateCreditasaSourceof

AdditionalFinancingThe

consistentviewacross

respondents

isthat

private

credit

is

increasingly

becominganadditionalsource

offinancingfor

corporates,with

banks

dominating

high-volume

lendingto

large

established

clientswhile

private

creditaddresses

middle-marketandspecialsituationfinancing.

Some

banksare

makingthis

dynamic

explicit

bystructuring

co-lendingarrangementsalongside

private

creditfunds.

Growth

inthe

next

phase

is

expectedto

be

driven

bysectors

including

innovationandtechnology,

lifesciences,green

technology,advanced

manufacturing,and

GBA-linkedtrade,with

banks

deployingsector-specialistcoverageandtailoredfinancingto

capturethe

opportunity.HongKong,s

Advantages342HongKongBanking203014WealthManagementistheGrowthPriorityGBA

integration,

intergenerationalwealthtransfer,andthe

expandingfamily

officesectorare

convergingto

createthe

most

clearly

defined

near-termgrowth

opportunity.

Hong

Kong

becamethewor|dIs

|argest

cross-borderwea|th

hub

in

2025,

is

now

hometo

over3,3804single-family

offices,and

Chinese

Mainland'sshare

oflocalassets

under

management

isprojectedto

reach

68%withinfiveyears.

Banksthat

can

integrate

portfolio

construction,

fami|ygovernance,succession

p|anningand

digita|asset

custodywi||

be

best

positioned

tocapture

this

trajectory.SustainabilityisMovingfromPledgetoProofNet-zero

commitmentsare

nowstandardacrossthesector;

the

cha||eng