Hong Kong has multiple advantages to push forward the development of financial services and innovation and technology in the Guangdong-Hong Kong-Macao Greater Bay Area, Paul Chan, Financial Secretary of the government of China's Hong Kong Special Administrative Region (HKSAR), said on December 27.

Addressing a symposium of Jinan University, Chan said financial services have become the most competitive sector in Hong Kong and will be conducive to the development of the financial sector in the Greater Bay Area.

Chan said Hong Kong can help the internationalization of the renminbi, serve as a fund-raising platform for mainland businesses, provide asset management services, become an ideal platform for catastrophe bond issuance, and bolster the green finance in the Greater Bay Area.

In terms of Hong Kong's innovation and technology development, Chan highlighted the world-class research capacity of universities, a mature legal system, sound intellectual property protection, and an internationalized business environment.

Hong Kong and Shenzhen are also making joint efforts to build a technology and innovation cooperation zone, which will become an important platform of technology and innovation development in the Greater Bay Area, Chan said.