Strategic Review of Business Models amid Digital Transformation (2026-03-09)

Circulars Email: HKMA E-mail Alert of 10 March 2026 (05:00 p.m. HKT)

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Document Information

Title: Strategic Review of Business Models amid Digital Transformation (2026-03-09)

Type: Circulars

URL: https://brdr.hkma.gov.hk/eng/doc-ldg/current/20260309-1-EN

Email Received: 2026-03-10 19:48

Summary Created: 2026-03-10 13:00

English Summary (7694 chars)
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Management Summary
  • Purpose / Background:
    The HKMA is urging Authorized Institutions (AIs) to proactively assess and adapt their long-term business models in response to accelerating technological developments, particularly Distributed Ledger Technology (DLT), agentic AI, cloud, and high-performance computing. This aligns with the HKMA's Fintech Promotion Blueprint, aiming to foster responsible innovation and explore how these technologies can revamp banking services.
  • One-line conclusion (what changed / what needs to be done):
    AIs must develop and have their Board of Directors endorse a formal strategic business plan within six months to address technological developments and adapt their business models, with selected AIs invited to submit plans via the HKMA's Survey Tool.
  • Key Changes (3-8 bullets):
  • Increased focus on strategic adaptation of business models due to digital transformation.
  • Emphasis on exploring transformational technologies like DLT to revamp banking services.
  • Requirement for Board of Directors to oversee and endorse a formal strategic business plan.
  • Encouragement to consider small-scale, real-world trials using the HKMA's Supervisory Incubator for DLT.
  • A selection of AIs will be invited to submit their strategic business plans.
  • Continued expectation to discuss plans with HKMA before expanding into new digital asset-related activities.
  • Key Dates / Deadlines:
  • Board endorsement of a formal strategic business plan: within six months from the date of the circular (March 9, 2026).
  • Applicability / Impact scope:
    All Authorized Institutions (AIs). The impact spans product offerings, revenue models, customer engagement, risk management, and operations.
  • Recommended management actions (3-7 actionable bullets):
  • Initiate a comprehensive review of current business models in light of emerging digital technologies.
  • Task relevant committees or departments to develop a formal strategic business plan addressing technological advancements.
  • Ensure the Board of Directors is fully briefed and prepared to endorse the strategic plan within the six-month deadline.
  • Explore potential use cases for DLT and other technologies, considering participation in the Supervisory Incubator for DLT for pilot testing.
  • Prepare for potential invitation to submit the strategic business plan to the HKMA via their Survey Tool.
  • Review and update procedures for discussing new digital asset-related activities with the HKMA.
Detailed Summary
  1. Document overview (nature, purpose, scope)
    This circular from the HKMA, dated March 9, 2026, is addressed to all Authorized Institutions (AIs). Its purpose is to outline the HKMA's expectations for AIs to proactively assess and adapt their long-term business models in response to accelerating technological developments, particularly Distributed Ledger Technology (DLT), agentic artificial intelligence, cloud computing, and high-performance computing. The scope covers the strategic response of AIs to these digital transformations.
  1. Main requirements (group by topic; state what must be done)
  • Strategic Business Plan Development: AIs are expected to develop a formal strategic business plan that addresses technological developments.
  • Board Oversight and Endorsement: The Board of Directors of each AI must oversee and endorse this strategic business plan.
  • Timeline for Endorsement: The endorsement of the strategic business plan by the Board must occur within six months from the date of the circular (March 9, 2026).
  • Content of the Plan: The plan should identify opportunities to adapt or transform product offerings, revenue models, customer engagement, risk management, and operations where applicable.
  • Pilot Testing: AIs may factor in how small-scale, real-world trials can be conducted, potentially leveraging the HKMA’s Supervisory Incubator for DLT to validate novel business models.
  • Submission of Plans: A selection of AIs will be invited to submit their strategic business plans via the HKMA’s Survey Tool.
  • Digital Asset Activities: AIs intending to expand into new digital asset-related activities are expected to discuss their plans with the HKMA prior to launch.
  1. Key changes (vs previous requirements)
    This circular signifies a heightened expectation for AIs to strategically adapt their core business models in anticipation of and in response to rapid digital transformation. Previously, the focus might have been on adopting new technologies. Now, the HKMA is mandating a formal, board-endorsed strategic plan that actively redefines business models, including product offerings, revenue streams, and operational strategies, leveraging transformational technologies like DLT. The requirement for board endorsement of this strategic plan is a key enhancement.
  1. Important dates & transition
  • Circular Date: March 9, 2026
  • Deadline for Board Endorsement of Strategic Business Plan: Within six months from March 9, 2026.
  1. Impact and risks (operations/compliance/IT/data/reporting)
  • Operational Impact: AIs will need to invest resources in strategic planning, potentially re-engineer processes, and explore new technologies, which could affect current operations.
  • Compliance Impact: Ensuring the strategic plan aligns with regulatory expectations and that new digital asset activities are discussed with the HKMA beforehand is crucial for compliance.
  • IT/Data Impact: Implementing new technologies and business models may require significant IT infrastructure upgrades and data management strategy changes.
  • Reporting Impact: AIs may need to adapt their reporting frameworks to reflect new business models and technological integrations. Selected AIs will have direct reporting obligations through the HKMA's Survey Tool.
  1. Compliance action checklist (practical steps)
  • Establish a cross-functional team to review current business models and assess the impact of digital transformation trends.
  • Draft a formal strategic business plan that outlines how product offerings, revenue models, customer engagement, risk management, and operations will be adapted.
  • Engage the Board of Directors early in the process to ensure understanding and facilitate timely endorsement.
  • Investigate the potential of DLT and other advanced technologies for business model innovation.
  • Consider the feasibility and benefits of conducting pilot trials using the HKMA’s Supervisory Incubator for DLT.
  • Prepare a process for seeking HKMA’s prior discussion for any new digital asset-related activities.
  • Be ready to submit the strategic business plan if selected by the HKMA.
  1. Appendices/attachments summary (if any; 1-3 sentences each; total <= 20%)
    This document references three external reports/circulars:
  • Basel Committee on Banking Supervision Report “Digitalisation of Finance” (May 2024): This report highlights the transformation of customer expectations and the financial landscape driven by digitalization, particularly DLT, and serves as a foundational document for understanding the evolving environment.
  • HKMA’s “Fintech Promotion Blueprint” (February 2026): This blueprint outlines the HKMA's strategy to foster responsible innovation in fintech, encouraging the industry to move beyond basic technology adoption and explore how transformational technologies can revamp banking services.
  • HKMA Circular on “Supervisory Incubator for Distributed Ledger Technology” (January 2025): This circular details the HKMA's Supervisory Incubator program, which AIs can utilize to conduct small-scale, real-world trials of novel business models, particularly those involving DLT.
中文摘要 (2985 chars)
快速切換摘要區塊
管理層摘要

（管理層摘要，繁體中文，<= 800 字。1-2 分鐘讀完可抓到重點，適合直接做 PPT）

  • 目的/背景： 香港金融管理局（HKMA）期望認可機構（AIs）積極評估並調整其長期業務模式，以應對加速的科技發展，特別是分散式帳本技術（DLT）的應用。
  • 一句話結論（文件要你做什麼/改了什麼）： HKMA 要求 AIs 在六個月內，由董事會審議並批准一份正式的策略性業務計劃，以因應數位轉型帶來的業務模式調整。
  • 關鍵變更（3-8 點）：
  1. 要求 AIs 制定並提交策略性業務計劃，以因應數位轉型。
  2. 強調 DLT、AI、雲端運算等技術對金融業的潛在影響。
  3. 鼓勵 AIs 重新定義核心業務模式，涵蓋產品、營收、客戶互動、風險管理及營運。
  4. 建議考慮利用 HKMA 的 DLT 監管沙盒進行小規模試驗。
  5. 部分 AIs 將被邀請透過 HKMA 的調查工具提交策略性業務計劃。
  6. 擴展至新數位資產相關活動的 AIs 需提前與 HKMA 討論。
  • 重要日期 / 截止日： 自通函發出日期起六個月內，董事會需審議並批准策略性業務計劃。
  • 適用對象 / 影響範圍： 所有認可機構（Authorized Institutions, AIs）。
  • 管理層建議行動（3-7 點，務必可執行）：
  1. 立即成立跨部門小組，評估數位轉型對本機構業務模式的影響。
  2. 啟動策略性業務計劃的草擬工作，聚焦技術變革下的產品、營收、客戶及營運模式調整。
  3. 審慎評估利用 DLT 監管沙盒進行業務試驗的可行性。
  4. 確保董事會成員充分理解數位轉型趨勢及本通函的要求。
  5. 預留資源，準備向 HKMA 提交策略性業務計劃（針對受邀機構）。
  6. 檢視現行數位資產相關業務的合規性，並計劃未來拓展時的溝通機制。
詳細摘要

（詳細摘要，繁體中文；用清晰標題與分點；以正文為主；保留關鍵數字/門檻/比例/金額/定義/引用）

  1. 文檔概述（性質、目的、適用範圍）
  • 性質： 監管機構通函。
  • 目的： 闡述香港金融管理局（HKMA）對認可機構（AIs）在數位轉型背景下，積極評估和調整長期業務模式的期望。
  • 適用範圍： 所有認可機構（Authorized Institutions, AIs）。
  1. 主要要求（按主題分組，說清楚「要做什麼」）
  • 策略性業務計劃制定與審議：
  • AIs 的董事會需負責監督並批准一份正式的策略性業務計劃。
  • 該計劃需在通函發出日期起計六個月內完成。
  • 計劃應旨在應對加速的科技發展，特別是數位化和 DLT 的影響。
  • 業務模式調整：
  • 計劃應識別並處理適用情況下，調整或轉變產品組合、營收模式、客戶互動、風險管理及營運的機會。
  • 技術採用與創新：
  • 鼓勵 AIs 超越簡單的技術疊加，探索 DLT 及其他變革性技術如何重塑銀行服務。
  • 提及agentic artificial intelligence、cloud computing 和 high-performance computing 等技術的融合。
  • 監管沙盒利用：
  • 建議 AIs 可考慮利用 HKMA 的 DLT 監管沙盒（Supervisory Incubator for DLT）進行小規模、真實世界試驗，以驗證新業務模式。
  • 新數位資產活動：
  • 計劃擴展至新的數位資產相關活動的 AIs，在推出前需與 HKMA 討論。
  • 提交計劃：
  • 將選定的 AIs 被邀請透過 HKMA 的調查工具提交其策略性業務計劃。
  1. 關鍵變更（對比既有要求/舊政策）
  • 相較於過往可能較為零散或被動應對的態度，本次通函明確要求 AIs 需主動、系統性地進行長遠業務模式的策略性評估與規劃，並需經董事會層級的正式審議與批准。
  • 強調了 DLT 等新興技術的潛在顛覆性影響，並鼓勵 AIs 進行深度的業務模式重塑，而非僅限於現有流程的技術優化。
  • 引入了對參與 DLT 監管沙盒進行業務試驗的建議，鼓勵 AIs 在真實環境中驗證創新。
  1. 重要日期與過渡安排（含實施/生效/截止）
  • 董事會審議並批准策略性業務計劃的截止日期： 自通函發出日期（9 March 2026）起六個月內。
  1. 對機構的影響與風險（營運/合規/IT/資料/報告）
  • 營運影響： 需要投入資源進行業務模式的戰略分析、規劃和潛在的結構性調整，可能涉及產品開發、營運流程改造、人力資源培訓等。
  • 合規風險： 對於計劃拓展數位資產相關業務的機構，需確保在推出前已與 HKMA 進行充分溝通，並遵守相關監管要求。策略性計劃的制定需充分考慮合規要求。
  • IT/資料影響： 探索和應用 DLT、AI 等新技術，可能需要升級或替換現有的 IT 基礎設施，並需確保資料安全、隱私和治理。
  • 報告影響： 部分 AIs 將被要求通過 HKMA 的調查工具提交計劃，這將增加報告負擔。
  1. 合規動作清單（checklist）
  • [ ] 成立由高層領導的跨部門小組，負責評估數位轉型對業務模式的影響。
  • [ ] 啟動策略性業務計劃的制定工作，涵蓋產品、營收、客戶互動、風險管理和營運等面向。
  • [ ] 評估利用 HKMA DLT 監管沙盒進行業務試驗的可行性。
  • [ ] 確保董事會成員充分理解通函內容及相關技術趨勢。
  • [ ] 準備向 HKMA 提交策略性業務計劃（如被邀請）。
  • [ ] 檢視並規劃未來拓展數位資產相關業務時的溝通機制。
  • [ ] 確保董事會按時審議並批准策略性業務計劃。
  1. 附件/附錄摘要（如有；每項 1-3 句；總量 <= 20%）
  • 本文件未附帶具體附件或附錄，但引用了三份外部文件：
  • Basel Committee on Banking Supervision 的「Digitalisation of Finance」報告（2024年5月）： 提供關於金融數位化趨勢的分析，特別是 DLT 的影響。
  • HKMA 的「Fintech Promotion Blueprint」（2026年2月）： 概述 HKMA 在推動金融科技發展方面的藍圖，旨在促進負責任的創新。
  • HKMA 的「Supervisory Incubator for Distributed Ledger Technology」通函（2025年1月）： 介紹 HKMA 的 DLT 監管沙盒，為機構提供試驗新技術的平台。