Payments News

On The Web

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Global

Hong Kong Launches Open API

“In a push to move Hong Kong’s financial sector into the era of «Smart Banking», the Hong Kong Monetary Authority said an open application programming interface, or API, will be launched on its official website for public access from Monday.  «Open API can help to ensure the competitiveness of the banking sector, encourage more parties to provide […]
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Global

Hong Kong Regulator, Banks Launch Blockchain-based Trade Finance Platform

“Hong Kong’s banking regulator and seven banks, including HSBC Holdings PLC and Standard Chartered PLC, on Tuesday said they will jointly launch a trade finance platform in September using blockchain technology.The platform will be one of the largest examples globally of a government-led, cross-bank effort to reform the multi-billion dollar trade finance sector using the […]
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Domains

A Payments Battle Is Brewing In Hong Kong

“Alipay’s azure blue logos began appearing two years ago in Hong Kong’s airport, greeting travelers from China who rely on the popular payments app back home. In recent months, taxis got them. Now stores and boutiques have them. They’re all signs of a battle brewing in Hong Kong that will test whether a Western-style financial […]
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Global

Credit bureau TransUnion urged to tighten online security after local newspaper says it easily obtained data on Hong Kong Chief Executive Carrie Lam and Financial Secretary Paul Chan

“Hong Kong’s Monetary Authority and privacy watchdog have called on major international credit bureau TransUnion to improve its online authentication procedures after a local newspaper claimed it could easily access the personal credit files of public figures in the city, including Chief Executive Carrie Lam Cheng Yuet-ngor and Financial Secretary Paul Chan Mo-po. According to its […]
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Global

Hong Kong blockchain start-up rolls out Asia’s first cryptocurrency Visa debit card to take on credit cards

“The Crypto.com debit card will be linked to wallets for both fiat money and cryptocurrency, which will allow users to spend their cryptocurrencies after converting these into fiat money. The company supports five cryptocurrencies – bitcoin, litecoin, ethereum, MCO and Binance Coin – and these can be converted into seven fiat currencies, including the Singapore […]
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Global

HOW CASHLESS MAINLAND CHINA MADE HONG KONG, SINGAPORE LOOK BACKWARD

“Like Hong Kong with its Octopus card, Singapore was an early adopter of e-payment systems, starting with the introduction of the General Interbank Recurring Order (GIRO) in 1985, which allowed people to make monthly payments to a billing organisation directly from their bank accounts. But since those early days both cities have found themselves leapfrogged […]

On The Wires

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Global

The Launch of Faster Payment System (FPS)

“The Hong Kong Monetary Authority (HKMA) announced the launch of the Faster Payment System (FPS) today. The FPS is one of the seven initiatives announced by the HKMA in September 2017 for preparing Hong Kong to move into a new era of Smart Banking. The FPS operates on a round-the-clock basis and connects banks and stored-value […]
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Companies

UnionPay International launches the “UnionPay” app in Hong Kong and Macau to enhance the local customers’ mobile payment experience

“UnionPay International announced today that in answer to the construction of the Greater Bay Area and to meet the increasingly payment needs brought by the exchanges between Hong Kong/Macau and the Chinese Mainland, the unified mobile payment app of China’s banking industry, “UnionPay”, has started offering service to customers in Hong Kong and Macau, facilitating the interconnection of mobile payment in the […]