Hong Kong's finance enters a new era of 7x24 hours, with virtual assets and banks working together to build a 24/7 funding ecosystem!

The Hong Kong financial market is accelerating into a new era of "24/7 uninterrupted" services. Recently, licensed virtual asset platforms and traditional banks have successively launched round the clock fund services: HashKey Exchange enables overnight currency exchange between Hong Kong and the United States, Bank of China Hong Kong's integration with mBridge platform lays the foundation for round the clock cross-border remittance, and with the upcoming "Fast Speed" and interconnection with mainland payment systems, Hong Kong is building a round the clock fund flow ecosystem covering traditional finance and digital assets, consolidating its competitiveness as an international financial center.

The field of virtual assets has achieved breakthroughs first. As one of the first licensed retail virtual asset exchanges in Hong Kong, HashKey Exchange recently announced full support for 24/7 fiat currency exchange between US dollars and Hong Kong dollars, becoming the industry's first 24/7 fiat currency channel covering both retail and institutional clients. Previously, currency exchange between Hong Kong and the United States was limited by bank working hours, making it impossible to complete fund transfers at night, which caused inconvenience for institutional hedging operations and personal fund allocation. After this upgrade, users can submit exchange requests at any time, and the platform ensures that night trading is as safe and reliable as day trading through isolated fund management and real-time system monitoring. Randall Chan, Managing Director of HashKey, stated that night exchange breaks the time barrier of fiat currency liquidity and provides institutions and individuals with a fund calling experience that is close to the native cryptocurrency market.

The traditional banking industry is simultaneously making efforts to innovate cross-border payments around the clock. Bank of China Hong Kong has taken the lead in completing the system connection with the mBridge platform and implementing the first automated cross-border remittance. The platform relies on the central bank's digital currency technology to complete cross-border fund transfers within minutes, laying the technical foundation for subsequent 7x24 hour remittances. What is even more worth looking forward to is the interconnection between the Hong Kong Monetary Authority and the mainland central bank's "FPS" and the mainland's online banking payment system (IBPS), which is expected to be officially launched in June 2025. It will achieve real-time small cross-border remittances 24/7, support convenient identification methods such as mobile phone numbers for transfers, and completely break down the time and operational barriers of cross-border payments.

The construction of an all-weather capital flow system is the result of the synergy between Hong Kong's financial technology upgrading and regulatory innovation. In recent years, Hong Kong has established a compliance framework of "license management+sandbox testing" through measures such as the implementation of the Stablecoins Ordinance and the cultivation of RWA ecology, providing institutional guarantees for innovative services. The synchronous breakthrough between virtual assets and traditional banks this time not only covers core scenarios such as digital asset trading and cross-border remittances, but also opens up a 24/7 connection channel between global funds and local assets, especially benefiting institutional investors who need to adjust their positions in real time, enterprises and individuals with cross-border funding needs.

Industry insiders point out that round the clock service will reshape Hong Kong's financial competitive advantage. Against the backdrop of 24-hour continuous operation in global financial markets, the ability to continuously flow funds has become one of the core competencies of international financial centers. Through the dual drive of traditional finance and digital asset fields, Hong Kong has not only consolidated its advantages in traditional cross-border payments, but also seized the high ground of virtual asset fund services. With the comprehensive implementation of subsequent interconnectivity projects, Hong Kong is expected to further gather global funds, strengthen the functions of an international asset management and risk management center, and inject new momentum into financial cooperation in the Guangdong Hong Kong Macao Greater Bay Area.

Currently, Hong Kong's all-weather financial ecosystem has entered an accelerated landing period. The virtual asset platform continues to improve the fiat currency channel, banking institutions promote cross-border payment technology iteration, and regulatory authorities provide protection through policy innovation. This comprehensive financial service reform not only makes capital flow more efficient and convenient, but also marks the leap of Hong Kong's financial market from a "regional core" to a "time boundaryless" level, providing a "Hong Kong sample" for the digital transformation of global financial centers.