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 facility (SVF) operators on the same platform. It enables 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. In addition to the Hong Kong Dollar (HKD), the FPS also supports Renminbi (RMB) payments.”