The Hong Kong Institute for Monetary and Financial Research (HKIMR) is the research arm of the Academy of Finance (AoF) and affiliate of the Hong Kong Monetary Authority (HKMA).

The Open-bid Applied Research Programme of the HKIMR aims to publish high-quality research studies that explore topics relevant to the financial services industry and regulators. Although it is desirable for the submitted research proposals to have a focus on Hong Kong and the region, international studies with implications and applications of the research for Hong Kong and the region may also be considered.

We invite researchers to submit research proposals that address topics within one (or more) of the following themes:

1.      Artificial Intelligence (AI) in financial services. Research proposals on the following topics are especially encouraged: benefits and risks of the adoption of generative AI in financial services; the impact of AI on sustainable finance developments; ethical and regulatory implications arising from the use of AI in financial services; generative AI in financial services and its impact on the macroeconomy.

2.      Transition finance and their implications for the financial services industry.  Research proposals on the following topics are especially encouraged: impact investing and transition finance; impact of net-zero transition on financial performance; the role of disclosures and standards in green transition; design of carbon trading schemes; risk management and corporate governance in transition finance; financial instrument innovation towards net-zero transition and their implications on financial services.

3.      Developments in regional and international financial connectivity and cooperation. Research proposals on the following topics are especially encouraged: the implications of financial cooperation and connectivity of Hong Kong with Mainland China, ASEAN and the Middle East; implications of geo-economic fragmentation for regional and global value chains and financial connectivity; implications of global supply chain shifts for frontier technology developments; regional adaptation of financial services; regional and global impact of the opening up of the Mainland’s financial markets; developments in the use of local currencies for trade and investments in the region.

4.      Developments in the microstructure of financial markets in Hong Kong and the region. Research proposals on the following topics are especially encouraged: macroeconomic implications of changes in the institutional structure of financial markets; green transition developments and their impact on market quality and asset market’s resilience; impact of market fragmentation on price discovery and information asymmetry in digital asset ecosystem; technological developments and settlement cycles in security markets; dynamics and liquidity in digital money markets; the impact of AI on security trading, asset allocation along with its regulatory implications.

Successful applicants will receive an honorarium, taking into account the seniority and the qualification of the researcher, and reimbursement of travel and accommodation expenses in Hong Kong for a short visit to the Institute. The studies will have to be completed within 6 months from a mutually agreed commencement date.

We will only consider research projects that are novel. Projects that are completed/close to completion (i.e. projects for which a draft paper has been already circulated and/or presented at conferences/seminars) will not be eligible for consideration. Note that submissions are not grant applications; therefore, requests for research support, data purchase and multi-year research work will not be entertained.

The deadline for the submission of applications is 31 January 2025. The results of the selection process will be notified to successful applicants by May 2025. For more information and submission guidelines, please visit https://www.aof.org.hk/research/HKIMR/applied-research-programmes/open-bid-applied-research-programme. For further enquiries, please contact hkimr@hkma.gov.hk.