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. Digital asset ecosystem, financial innovation, financial stability and risk management. Research proposals on the following topics are especially encouraged: the benefits and risks of blockchain and distributed ledger technology in financial services, including the adoption of decentralised finance (DeFi) platforms and protocols; the adoption and regulation of digital assets and payment instruments; the impact of digital asset developments on risk management and financial stability, including the potential for cybersecurity risks and threats. Additionally, proposals that explore the intersection of quantum computing and digital assets, such as the potential risks and benefits of quantum computing on blockchain security, the use of quantum-resistant cryptography, and the opportunities for quantum computing to enhance risk management and financial modelling, including the development of quantum-safe payment protocols and mitigation of quantum-enabled attacks, are also welcome.
2. Artificial Intelligence (AI) in financial services. Research proposals on the following topics are especially encouraged: benefits and risks of agentic AI in financial services; ethical and regulatory implications of AI, including bias and transparency; risk and benefits of AI-generated content with synthetic data; AI-enhanced risk management and the impact of emerging AI technologies, including quantum AI and explainable AI on financial markets. Topics related to the impact of AI on market efficiency, volatility, and liquidity; the role of AI in portfolio management, asset pricing, and risk assessment; the effects of AI on financial intermediation, the interplay between AI, financial stability, and monetary policy, including the potential impact of AI to inflation, employment, and economic growth are also welcome.
3. Behavioural Aspects of Financial Decision Making and Fraud Prevention. Research proposals on the following topics are especially encouraged: the role of cognitive biases and heuristics in financial decision making, particularly in the context of fraud prevention and detection; the impact of attention and information overload on consumer financial behaviour and vulnerability to fraud; the design of effective fraud prevention strategies that account for behavioural insights; the application of behavioural economics to improve financial literacy and investor education, with a focus on mitigating fraud risks and the role of behavioural insights for policy interventions
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; market fragmentation, price discovery and information asymmetry in digital asset ecosystem; blockchain and AI developments in security markets; dynamics and liquidity in digital asset markets

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 February 23, 2026. The submission guidelines can be found on https://www.aof.org.hk/research/HKIMR/applied-research-programmes/open-bid-applied-research-programme. The results of the selection process will be notified to successful applicants by June 2026. For submissions and further enquiries, please contact hkimr@hkma.gov.hk.