The Hong Kong FSDC published a research report on "Making Good Use of Digital Identity: Promoting Digital Transformation in Hong Kong's Financial Services Industry" and made a series of recommendations to build an ecosystem conducive to the adoption and development of digital ID, and to promote innovation and collaboration in Hong Kong's financial services industry. Specific policy recommendations include: 1. Explore a more comprehensive implementation of the "Smart Convenience" program and empower the development of private digital identity wallets; 2. Develop a digital identity trust framework for the digital identity ecosystem. 3. Improve the infrastructure and legal framework to enhance the connectivity of digital identities. 4. Harmonize digital identity authentication standards to achieve seamless integration of cross-border identity authentication mechanisms. 5. Strengthen education campaigns on the adoption of trusted digital identities and promote social empowerment.