Hongkongers can use FPS for cross-border payments mid-year: HKMA
Hong Kong and mainland China are linking their digital payment systems to allow small cross-border payments via mobile phone numbers this year, the Hong Kong Monetary Authority (HKMA) has announced.
The HMA also allowed three more banks – HSBC, Standard Chartered and Bank of Communications – to allow Hongkongers to open bank accounts on the mainland without being physically present. The banks joined five other lenders who are offering account opening services from 2019.
“These measures will enable Hong Kong residents who wish to travel, live or work on the mainland while enjoying convenient banking and cross-border payment services for their daily expenses,” said Eddie Yue Man, CEO of Asia Financial. stage on Monday.
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HMA and the People’s Bank of China have been working to connect the city’s Fast Payment System (FPS) and the mainland’s Internet Banking Payment System (IBPS) to enable users on both sides of the border to transfer small amounts of money instantly. In the two payment systems.
Hong Kong’s instant payment system had 14.95 million registered users as of July. Photo: HKMA alt=Hong Kong’s instant payment system had 14.95 million registered users as of July. Photo: HKMA>
According to Stephen Pang, Acting Head of Financial Infrastructure at HKMA, the technical aspects of connecting FPS and IBPS were completed in December. It was expected that some services will start in the middle of this year, but he refrained from giving more details.
FPS is an electronic payment network developed by the HKMA that allows registered users to transfer money between different banks using a simple identifier such as a phone number.
According to data from Hong Kong Interbank Clearing, FPS had 14.95 million registered users as of July. Since an individual can have more than one account, the number of registered users exceeds the total population of Hong Kong.
In the year In December 2023, FPS linked up with Thailand’s QuickPay digital payment service, allowing Hongkongers visiting the Southeast Asian country to use their smartphones to pay up to HK$10,000 (US$1,282) per day for goods and services through FPS.
Meanwhile, Beijing announced on Monday that HSBC, Standard Chartered and Bank of Communications may offer account opening services through authentication, meaning Hong Kongers can open mainland bank accounts at any of these banks’ branches in the city.
