Hong Kong Financial Services Development Council proposes five recommendations on the adoption and development of digital identity ecosystem

The Hong Kong Monetary Authority has released a research report titled "Utilizing Digital Identity: Promoting the Digital Transformation of Hong Kong's Financial Services Industry" and put forward a series of recommendations aimed at establishing an ecosystem conducive to the adoption and development of digital identity (digital ID), and promoting innovation and collaboration in Hong Kong's financial services industry. Specific policy recommendations include:

1. Explore the "Smart Convenience" program for more comprehensive implementation and empower the development of private digital identity wallets;

2. Develop a digital identity trust framework for the digital identity ecosystem;

3. Improve infrastructure and legal frameworks to enhance the interoperability of digital identities;

4. Coordinate digital identity authentication standards to achieve seamless cross-border identity authentication mechanisms;

5. Enhance education and promote social empowerment for the adoption of trusted digital identities.