[The content of this article was prepared by our advertising partner.] To pave the way for a digital economy, it is necessary to work with policymakers to create an interconnected and coherent digital infrastructure that supports decentralized applications and platforms, develop cross-platform solutions to ensure seamless integration, and create supportive and adaptive regulations. The two-day Digital Economy Summit 2023, which ended on April 14, brought together banking executives, entrepreneurs, innovators and thought leaders to solve future trends in smart city, data innovation, fintech, Web3, artificial intelligence and big data, smart mobility . and new industrialization. Dr Rocky Cheng said that many countries are already formulating plans to support the development of the digital economy, so it is important for Hong Kong to establish a unified standard and a consistent digital financial infrastructure for financial institutions, innovators and customers in the digital economy. Bank of China CFO in his keynote address. The bank is this year's Digital Banking Partner of DES. Dr Rocky Cheng, chief information officer of the Bank of China , says it's important for Hong Kong to build an interconnected and coherent digital financial infrastructure. Dr Cheng believes that an integrated digital financial infrastructure should be supported by three pillars. The first is the complete digitization of different infrastructures. Second, at least the interconnectivity and interoperability of different infrastructures that allow for seamless sharing and exchange of transactions and operational data. Third, the ultimate goal is to interact between different financial infrastructures to create a unified ecosystem that can turn big data into insights and increase operational intelligence and enable better risk control and crisis management. Dr Cheng said that once the digital financial infrastructure system is successfully established, a unified standard for digital transformation can be set for other sectors, thereby connecting Hong Kong to the global digital economy while accelerating Hong Kong's digital transformation and the development of smart cities. Arnold Chow, deputy general manager of BOCHK's personal digital banking product department, stated during a panel discussion that different kinds of cross-industry collaborative digital transformations have occurred over the past few years, many of them embracing new technologies such as major ones. Data and AI to improve operational efficiency and solve customer service pain points. Dr Rocky Cheng, chief information officer of the Bank of China , says it's important for Hong Kong to build an interconnected and coherent digital financial infrastructure. For example, the bank has adopted technologies to better understand its customers' risk profiles and help them make informed investment decisions through mobile banking, in addition to traditional face-to-face investment analysis services. He added that in recent years the bank has launched a range of online services such as green loans, green mortgages and green bonds, actively embracing sustainable development and helping Hong Kong make itself a smart city. In fact, Hong Kong's fintech ecosystem is slowly maturing as banks, tech companies and fintech start-ups form a symbiotic relationship that offers many opportunities for collaboration and synergy. "Hong Kong has a vibrant fintech ecosystem and is home to over 800 fintech startups... the success or failure of fintech in finance, virtual assets or Web3 applications will depend on whether new technologies, models and applications can truly serve the world's needs." In his welcoming speech, Hong Kong financial secretary Paul Chan told the audience Hong Kong's fintech scene has more than 800 businesses. In his welcome speech, Hong Kong financial secretary Paul Chan told the audience that the success of fintech, virtual assets and Web3 will depend on their ability to meet the needs of the real economy and address the pain points. Chan noted that Hong Kong has the potential to become a major player in the emerging digital economy and is well positioned to take advantage of the opportunities offered by Web3. In doing so, the government will continue to strike the appropriate balance between regulation and facilitation so that virtual asset innovations can develop sustainably and responsibly in Hong Kong. Organized by the Hong Kong government with the support of various industry organisations, DES 2023 reflects the broad direction and strategies set by 'Hong', marking Cyberport's latest effort to create a vibrant smart city ecosystem and drive the growth of the digital economy. The Kong I&T Development Blueprint', which supports the long-term vision to transform Hong Kong into an international I&T hub. Held in a hybrid format, this year's summit was attended by an unprecedented 4,000 attendees from more than 40 countries, including tech firms, business leaders, industry watchdogs and government agencies. More than 100 well-known international speakers shared their insights in eight expert forums, all centered around the theme "Emerging with Resilience Fostering a Smarter Future". Organized in a hybrid format, DES 2023 was attended by 4,000 exhibitors from 40 countries, with members from the technology, business and government sectors. Gotopnews.com