Hong Kong Securities and Futures Commission (SFC) Chief Executive Liang Fengyi addressed the Fourth ASEAN Plus China, Japan, and Korea Economic Cooperation and Financial Stability Forum on December 3, 2025. In her keynote speech, Liang discussed the transformative forces reshaping global financial markets, including the rise of private markets, technological disruption, digital assets, and geopolitical shifts. Liang emphasized the importance of adaptive regulation and cross-border collaboration to foster innovation while maintaining financial stability. She outlined Hong Kong's regulatory roadmap for digital assets, which includes stablecoin regulations and the development of a secure digital asset platform. Her speech provided a strategic framework for responsible innovation in the digital asset sector amid growing complexity.