IT Park Uzbekistan and Enterprise Uzbekistan Study Hong Kong’s Model for Connecting Financial and Technology Ecosystems

During an official visit to Hong Kong, the delegation of IT Park Uzbekistan and Enterprise Uzbekistan held meetings with the Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB).

The delegation was headed by Farkhod Ibragimov, Chairman of the Supervisory Board of IT Park Uzbekistan, and Azamat Karamatov, CEO of IT Park Uzbekistan. The meetings were also attended by representatives responsible for global business development, international cooperation, and venture capital attraction.

The discussions focused on Hong Kong’s experience in building an international financial center and using its legal, regulatory, and financial infrastructure to support innovation, FinTech, and technology-driven companies.

Particular attention was given to the relationship between Hong Kong’s common law system, financial regulators, technology development institutions, private investors, banks, and international companies. The delegation studied how these institutions divide responsibilities, coordinate policy, and jointly address barriers affecting companies and investors.

Hong Kong’s Strategic Financial Priorities

During the meeting with HKMA, representatives presented the authority’s role in maintaining monetary stability, managing reserves, regulating the banking sector, and developing Hong Kong’s financial infrastructure.

HKMA highlighted three strategic priorities for Hong Kong as an international financial center:

• strengthening Hong Kong’s role as a superconnector between Mainland China and global financial markets;
• developing sustainable and green finance;
• accelerating financial technology and digital financial infrastructure.

The parties discussed Hong Kong’s experience with the Faster Payment System, which enables instant transfers between banks, as well as cross-border payment initiatives, central bank digital currency projects, supervisory technology, and tokenized financial instruments.

HKMA also presented its work on tokenized green bonds and its expectation that tokenization will play an increasing role across bonds, equities, real estate, and other asset classes.

The discussion confirmed that HKMA focuses specifically on financial technology rather than the broader technology sector. As a financial regulator, it does not provide direct financing to FinTech companies. Its role is to create reliable infrastructure, establish clear regulatory frameworks, and enable financial institutions to test and adopt new technologies.

Startup financing and company development are primarily supported by private investors, banks, venture capital funds, Cyberport, Hong Kong Science and Technology Parks, and other ecosystem institutions.

Shared Vision with Distributed Execution

During the meeting with FSTB, the delegation studied how Hong Kong coordinates financial policy, technology development, innovation institutions, and private-sector activity.

Hong Kong’s model was described as “shared vision with distributed execution.”

Technology policy is coordinated by the Innovation, Technology and Industry Bureau, which oversees key institutions including Cyberport and Hong Kong Science and Technology Parks. At the same time, FSTB, HKMA, the Securities and Futures Commission, InvestHK, universities, financial institutions, and private investors operate within their own mandates.

This model allows specialized institutions to maintain independence while contributing to common economic priorities.

The discussions also demonstrated that Hong Kong’s market-driven approach does not mean that the government remains passive. The government intervenes when necessary to address market failures, reduce systemic risks, or create infrastructure that private companies cannot develop independently.

Examples discussed during the meeting included digital asset licensing, fast payment infrastructure, regulatory sandboxes, research talent support, and the establishment of a government-owned clearing company to reduce risks in the gold trading market.

Supporting Technology Companies Through Financial Infrastructure

The meetings showed that Hong Kong supports technology companies through a combination of legal credibility, access to capital, regulatory clarity, talent support, and market infrastructure.

Hong Kong’s common law system provides investors and international companies with predictable contract enforcement, protection of property and investment rights, and a legal environment familiar to global financial institutions.

Its capital market also provides technology companies with access to private equity, venture capital, and public markets. Under specific listing rules, qualifying technology companies may access the Hong Kong Stock Exchange even before reaching profitability.

InvestHK plays an important intermediary role by helping international companies understand the market, identify product-market opportunities, connect with banks and investors, and establish relationships with major corporate partners.

Cyberport and Hong Kong Science and Technology Parks complement this system through incubation, technology infrastructure, business networks, research support, and access to investors.

Relevance for Enterprise Uzbekistan and IT Park Uzbekistan

The meetings provided practical insights for the development of Enterprise Uzbekistan as a common law-based technology jurisdiction and for strengthening its cooperation with IT Park Uzbekistan.

The Hong Kong experience demonstrates that a jurisdiction can support a technology ecosystem by creating:

• clear and internationally credible legal rules;
• predictable regulation and dispute resolution;
• efficient company registration and licensing;
• modern payment and financial infrastructure;
• investment instruments suitable for startups and venture funds;
• regulatory sandboxes for emerging technologies;
• access to professional services, investors, banks, and international markets.

At the same time, the jurisdiction should not attempt to perform every ecosystem function itself.

Enterprise Uzbekistan can focus on the legal and regulatory operating environment, including corporate law, investment instruments, intellectual property, digital registration, dispute resolution, and regulatory sandboxes.

IT Park Uzbekistan can focus on company attraction, startup development, export promotion, talent, business matching, investor relations, and international market access.

The two organizations can complement each other through a shared strategy, clearly divided responsibilities, and a coordinated service model for companies and investors.

Next Steps

During the meetings, the Uzbekistan delegation invited representatives of HKMA, FSTB, and InvestHK to participate in ICT Week Uzbekistan 2026, scheduled for September.

The parties agreed to maintain communication and explore further cooperation in the following areas:

• FinTech and digital financial infrastructure;
• regulatory sandboxes and emerging technologies;
• common law expertise and professional services;
• digital assets and tokenization;
• investment and venture capital;
• international expansion of Hong Kong and Chinese technology companies;
• participation in ICT Week Uzbekistan 2026.

InvestHK also expressed interest in exploring Uzbekistan as part of its “Go Global” initiative, which supports Hong Kong and Chinese companies entering new international markets.