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"The new system will provide real time Delivery Versus Payment capability for securities transactions and, with suitable linkages with real time payment system of other currencies, Payment Versus Payment capability for foreign exchange transactions."
Mr Hui said the Government was pursuing the proposal to set up a mortgage corporation in Hong Kong in order to enhance banking stability, monetary stability and debt market development.
"Also we are taking an active part in international and central banking forums to ensure that we are fully aware of the latest developments in these areas and to contribute to greater co-operation amongst the central banks in Asia," he added.
As for the economic possibilities of "one country, two systems", Mr Hui said this could only be assessed by looking at the economic fundamentals of Hong Kong and China.
"For those of us working in the financial services sector, the transfer of sovereignty on July 1, 1997 has no real significance because what we do, both in terms of infrastructure building and investment decisions, goes well beyond this date," he said.
He said the World Bank had predicted that China would become the biggest economy in early next century.
"Hong Kong, strategically located in this fastest growing region, will continue to prosper and excel in the next century as a leading financial centre in Asia.
"The opportunities are already here for people to exploit and develop," he said.
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