The Hong Kong Monetary Authority implemented the arrangement in early August, while the Securities and Futures Commission, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Financial Reporting Council and the Financial Services Development Council said they are also planning to adopt a similar arrangement.

Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, said he was pleased to learn that financial regulators and advisory bodies have also taken the initiative to respond to the appeal by the government to implement the arrangement.

A government spokesman said all employees who have not received their first dose of a vaccine are required to undergo nucleic acid tests for Covid-19 using combined nasal and throat swabs at community testing centers every two weeks.

Hui said the financial regulators and advisory bodies can lead by example by encouraging their employees to receive vaccination by implementing the arrangement.

“It can help enormously to build a strong defense against the coronavirus and its mutant strains, and thus enable Hong Kong's economy to continue to recover," he said.

"In fact, since the outbreak of the pandemic, Hong Kong has been by and large operating smoothly as an international financial center and maintaining sustainable development," he added.