The Hong Kong Monetary Authority (HKMA) on Monday announced the launch of the Faster Payment System to boost use of new financial technology.
The system supports not only Hong Kong dollar (HKD) payments, but also renminbi (RMB) payments.
From Monday, citizens can register their mobile phone number or email address with the system as an account proxy for receiving funds. From Sept. 30, the public can make transfers or receive funds using the system.
Currently, a total of 21 banks, covering most retail banks, and 10 stored-value facilities in Hong Kong have participated in the system to provide services for their customers.
The system operates on a round-the-clock basis and connects banks and stored-value facility operators on the same platform. It enables citizens to transfer funds anytime, anywhere, across different banks or stored-value facilities.
The Faster Payment System is a unique platform as it supports instant payments in the HKD and the RMB 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 Norman Chan, chief executive of the HKMA.
While it will bring new opportunities to the retail payment industry, it will also promote innovation in financial technology, providing greater convenience and new experience to the public, he said.
The Faster Payment System is one of the seven initiatives announced by the HKMA in September last year for preparing Hong Kong to move into a new era of smart banking.
