Hong Kong Monetary Authority announces launch of Faster Payment System

Maria Nikolova

In addition to the Hong Kong Dollar, the new system also supports Renminbi payments.

Hong Kong is steadily moving towards new financial technology implementation. Today, the Hong Kong Monetary Authority (HKMA) announced the launch of the Faster Payment System (FPS).

The new system operates on a round-the-clock basis and connects banks and stored-value facility (SVF) operators on the same platform. It permits the public to transfer funds anytime, anywhere, across different banks or SVFs with funds available almost immediately. Fund transfer will become very user-friendly with the use of mobile number or email address as account proxy for the payee.

The FPS supports Hong Kong Dollar (HKD) and Renminbi (RMB) payments.

Effective today, the public can make use of the mobile app of participating banks and SVFs to register their mobile phone number or email address with the FPS as an account proxy for receiving funds. And from September 30, 2018, the public will be able to make transfers or receive funds using the FPS.

At present, a total of 21 banks and 10 SVFs in Hong Kong have participated in the system to provide FPS services for their customers at launch.

In addition, to promote the adoption of QR code (Quick Response code) payments in Hong Kong, the HKMA announced the Common QR Code Standard for Retail Payments in Hong Kong together with the launch of an associated mobile application tool. A free mobile application tool, namely “Hong Kong Common QR Code” (HKQR), is released today, which can be used for converting multiple QR codes from different payment service providers into a single, combined QR code. This is set to facilitate merchants, especially small and medium enterprises, in using a single QR code to accept different payment schemes, instead of displaying multiple QR codes to their customers.

Last week, Mrs Carrie Lam, Chief Executive of the Hong Kong Special Administrative Region, outlined a number of fintech initiatives. She noted the importance of the new business model of virtual banking. In May, the HKMA issued revised guidelines for the authorisation of virtual banks. It has received about 30 virtual bank applications to date, ranging from telecommunications operators and Fintech companies to global banks. The HKMA aims to start granting licences to virtual banks by the first quarter of next year.

Mrs Lam said that the Hong Kong Government targeted Fintech as a key technology area to focus on and invest in. She stressed that fintech investment in Hong Kong has spiralled in recent years, from about US$108 million in 2015 to US$216 million in 2016, and some US$546 million last year.

Read this next

Retail FX

Eurotrader taps MahiMarkets’ cross-asset trading technology for pricing and risk management

Eurotrader has tapped MahiMarkets’ cross-asset trading technology to manage its pricing and risk management on its fully licensed and regulated retail brokerage operation covering forex, stocks, indices, and commodities. 

Technology

STT doubles user base as Sterling OMS adopted by TradeZero, Avenue, Banco C6

Sterling Trading Tech (STT) has announced record growth of its order management system (OMS) offering, doubling its user base throughout the second half of 2022.

Retail FX

CMC Invest announces flexible stocks and shares ISAs amid changes in UK policy

In addition to a flexible ISA, the Plus plan provides members with a USD currency wallet for their general investment account (GIA), alongside the default GBP wallet that comes with all CMC Invest accounts. This means users will hold both a GBP wallet and a USD wallet. Saving customers money on FX fees.

Executive Moves

The Trading Pit snatches Skilling Daniela Egli from Skilling to lead Cyprus operation

“We feel privileged to have Daniela join The Trading Pit and bring her extensive expertise to our prop trading firm. We are confident in The Trading Pit’s ambition to provide the ultimate global trading environment for talented traders to enhance their skills and eventually become professional fund managers.”

Industry News

Worldpay taps SheerID to allow merchants to better target their audiences

SheerID verifies over 2.5 billion people via 20,000 authoritative data sources; provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data.

Crypto Insider

Cardano (ADA) Price For 2022-23: Buy Cardano With NAGAX

Cardano (ADA) is probably one of the most renowned and well-known cryptocurrencies out there at the moment and is currently available on the majority of the crypto exchanges and platforms in the market.

Retail FX

ACY Securities recognized by Salvation Army NSW for its support to charity work

““Sitting in the backyard of those family friends, to see the devastation the floods had brought, was a real eye-opener, and a testimony to the Salvos who were on the ground helping every one of those in need during the recent NSW floods.”

Executive Moves

BNP Paribas announces senior executives of Global Markets Americas division

French bank BNP Paribas has appointed several senior executives to its Global Markets Americas division, demonstrating its ambition to grow its Global Equities, Global Credit, and Global Macro franchises in the region. 

Technology

Match-Trade expands partnership with Takeprofit Tech

California-based FX technology provider Match-Trade Technologies has expanded its partnership with fintech software developer Takeprofit Tech.

<