Hong Kong Monetary Authority (HKMA) Introduces Faster Payment System (FPS) FinTech Service

Hong Kong Kicks Off ‘Faster Payment System’ with Over 400,000 Public Registrations

The Hong Kong Monetary Authority (HKMA) – the country’s DeFacto central bank, has announced that the country has launched a round-the-clock instant payment system, dubbed the Faster Payment System (FPS) as a fintech upgrade for retail payments in the country.

HKMA had said that the new platform will always be online and connect to banks and stored-valued facility (SVF) operators. 21 banks including the majority of retail banks and 10 SVFs were present to participate in the initiative to render the service to customers.

With the FPS Hong Kong residents are able to transfer funds in real-time across banks and SFVs participating in the system by simply using the email address or number of the recipient instead of a bank account number. Two currencies are currently supported on the platform: the Hong Kong Dollar (HKD) and China’s fiat currency Renminbi (RMB) for settlements in the mainland.

The HKMA said it will operate the book of settlement for HKD payments while the Bank of China (Hong Kong) limited performs the same role for RMB payments. The Hong Kong Interbank Clearing Limited will take up the mantle as the entire system’s operator.

As part of the FPS, the HKMA also announced the launch of free mobile app named Hong Kong Common QR Code (HKQR) as a Common QR Code Standard for retail payments. The app converts multiple QR codes from various payment providers to a single, combined QR code to better facilitate payments among merchants, small and medium enterprises (SMEs) and the public to accept payments in a single code.

The FPS has since its launch recorded over 400, 000 registrations from the public as payees, the central bank revealed on Sunday while announcing the full launch of the service.

HKMA chief executive, Norman Chan said during the ‘Activation Ceremony’ of the service that after the full launch of the FPS on 30 September, Hong Kong entered a new era of electronic payment as the FPS is a unique retail payment system in the world.

The central bank executive also revealed the service would be free for small-value transfers, adding that they can enjoy an instant payment service which is round-the-clock, simple and convenient to use, robust and secure, with full connectivity while supporting both the Hong Kong dollar and the renminbi. It is also free of charge for small-value fund transfer.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today