HK authority launches Faster Payment System

The Hong Kong Monetary Authority (HKMA) on Monday announced the launch of the Faster Payment System to boost the use of new financial technology.

The system supports payments denominated in the Hong Kong dollar and the yuan.

From Monday, individuals can register their mobile phone numbers or email addresses with the system as an account proxy for receiving funds. From September 30, they can make transfers or receive funds using the system.

So far 21 banks, covering most retail banks, and 10 stored-value facilities in Hong Kong are involved in the system.

The system operates on a round-the-clock basis and connects banks and stored-value facility operators on the same platform. It enables people to transfer funds anytime, anywhere, across different banks or stored-value facilities.

The system is a unique platform that supports instant payments in either currency with the use of mobile phone numbers, email addresses or Quick Response codes (QR code), and achieves full connectivity among banks and stored-value facility accounts, said HKMA Chief Executive Norman Chan.

It will bring new opportunities to the retail payment industry and promote innovation in financial technology, providing greater convenience and new experiences to the public, Chan said.

The system is one of seven initiatives announced by the HKMA in September 2017 for preparing Hong Kong to move into a new era of smart banking.