Blockchain-Driven Financial Innovation in Hong Kong (2018-2024): Regulations, Cross-Border Payments, and Public-Private Collaboration

Blockchain-driven financial innovation in Hong Kong from 2018 to 2024 has transformed cross-border payment systems through strategic regulatory frameworks and public-private collaboration. Key developments include the e-HKD Pilot Programme, integration with China's digital yuan, and pioneering CBDC initiatives like Project mBridge. This review analyzes technological implementations (Layer-2 solutions, zero-knowledge proofs), regulatory evolution across three distinct phases, and economic impacts including 38\% cost reduction in SME transactions. We examine Hong Kong's unique position bridging China's financial infrastructure with global markets while navigating geopolitical tensions and compliance challenges. The study provides quantitative metrics from 50+ corporate disclosures and regulatory documents, establishing a model for hybrid governance systems in financial technology adoption.