HKMA and HKAB establish Northern Metropolis Financial Advisory Taskforce

Establishment and Strategic Mandate

On Wed, 22 Apr, the Hong Kong Monetary Authority ("HKMA") and The Hong Kong Association of Banks ("HKAB") jointly announced the formation of the Northern Metropolis Financial Advisory Taskforce. This body is mandated to investigate financing solutions for the Northern Metropolis, a region characterized by extensive new development land and industrial projects intended to bolster Hong Kong’s competitiveness and future growth. Following 2025 dialogues with the Development Bureau facilitated by the HKMA, the Taskforce aims to deepen collaboration between the banking sector, the SAR Government, and stakeholders. Its functions include providing professional advice on financing and banking services, identifying opportunities to propose practical financing recommendations, and facilitating the exchange of expertise to strengthen support for key projects.

Composition and Site Engagement

The Taskforce is constituted by representatives from the HKMA, HKAB, and 15 banks experienced in large-scale project financing, with the Chinese Banking Association of Hong Kong participating as an observer. To inform future discussions, the Taskforce conducted a site visit to the Hung Shui Kiu / Ha Tsuen New Development Area and the Loop. During the visit, participants reviewed the development blueprint via a sand table model presented by Ms Pecvin Yong, Deputy Secretary for Development. The delegation also visited the Innohub at the Loop and the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, where they received an introduction from Ms Lillian Cheong, Under Secretary for Innovation, Technology and Industry.

Leadership Commentary and Attendees

Mr Arthur Yuen, Deputy Chief Executive of the HKMA, noted that the Taskforce serves as a vital coordination platform to expedite project implementation and support long-term growth through financial expertise. Mr Sun Yu, Chairman of HKAB and CEO of Bank of China (Hong Kong), highlighted that the Northern Metropolis is a strategic gateway aligned with the 15th Five-Year Plan, requiring the banking sector to leverage innovation and investment connectivity. Front row attendees at the visit included Ms Rose Kay (Standard Chartered Bank), Mr Ronick Chan (Chinese Banking Association), Ms Bernadette Linn (Secretary for Development), Mr Justin Chan ("HSBC"), Ms Carmen Chu ("HKMA"), and representatives from the 12 other participating banks alongside Mr Arthur Yuen and Mr Sun Yu, who visited the Hung Shui Kiu / Ha Tsuen New Development Area Community Liaison Centre.