Standard Chartered enables P2P transfers via Faster Payment System for mobile banking users

Maria Nikolova

Clients are now able to send money instantly in HKD or RMB, using SC Mobile with either a mobile number, email address or merchant ID.

Further to the official launch of the Faster Payment System in Hong Kong yesterday, banks are already starting to tap into the capabilities of the new service.

Standard Chartered Bank (Hong Kong) Limited has announced enhancements of its mobile banking, Standard Chartered Mobile Banking (SC Mobile) thanks to the addition of another new function – SC Pay, which allows clients to enjoy the convenience of real-time inter-bank and P2P (person-to-person) transfers via the Faster Payment System (FPS).

From now on, clients are able to send money instantly for free in HKD or RMB of value up to HKD10,000 or equivalent, using SC Mobile with either a mobile number, email address or merchant ID. To make sure that clients know how to use the Bank’s digital services, 40 Digital Ambassadors will be deployed to the branches at key locations to promote SC Pay and help clients register for this new service.

Clients can download the latest version of SC Mobile and register for SC Pay by linking their Standard Chartered Bank account and the mobile number or email address as registered with the Bank. From September 30, 2018 onwards, clients can send money to their friends instantly using their mobile number or email address, or pay the merchants via their merchant ID and enjoy the convenience of making 24×7 instant transfers.

This is yet another move that Standard Chartered makes towards expanding and enhancing its services in Hong Kong. In June this year, the bank unveiled its plans to apply for a virtual bank license as a part of its strategy of advancing financial inclusion, fintech innovation and bringing enhanced client experience in Hong Kong.

The bank has also shown affinity for implementing novel, artificial intelligence (AI) based solutions into its operations. In November last year, for instance, the bank said it would roll out an AI-based chatbot using Kasisto’s Kai Banking platform.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”