Financial Secretary Paul Chan on Tuesday said Hong Kong continues to uphold a free and open trade and investment environment amid rising challenges from unilateralism and tariffs.

Attending the Asia-Pacific Economic Cooperation (Apec) Finance Ministers' Meeting in Incheon, South Korea, Chan said the world economy is facing greater uncertainty, with some economies having to choose between cooperation and coercion and between shared prosperity and narrow self-interest.

Chan called on all Apec member economies to safeguard a rules-based multilateral trading system and work together in promoting sustainable regional growth.

He also said blockchain technology and artificial intelligence are rapidly advancing digital financial services, not only improving efficiency and reduce costs, but also play a key role in driving financial inclusion.

Chan said in Hong Kong's experience, the Monetary Authority has launched the Commercial Data Interchange, supporting over 60,000 loan applications with loans granted exceeding US$6.5 billion. Regulatory sandboxes also allow financial institutions and tech companies to test innovative financial technology solutions, he said.

Chan will attend another joint session on Wednesday morning before departing for Beijing to visit the capital's subsidiary administrative centre.