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Press Release 17 September 2018

Launch of Faster Payment System Service

The Hong Kong Association of Banks (HKAB) welcomes the launch of the Faster Payment System (FPS) in Hong Kong today. FPS is a 24/7 payment system allowing real-time funds transfer in Hong Kong dollar and Renminbi for peer-to-peer and merchant payments. This new financial infrastructure provides full connectivity between banks, Stored Value Facility (SVF) operators, merchants and consumers.

FPS, one of the New Era of Smart Banking initiatives led by the Hong Kong Monetary Authority (HKMA), will help Hong Kong develop into a world-class smart city. A dedicated HKAB workgroup has been working closely with the HKMA and the Hong Kong Interbank Clearing Limited in the past two years to define the system design and prepare for the service launch. This convergence of banking and technology will benefit the overall development of the banking sector and further reinforce Hong Kong's status as an international financial centre.

Diana Cesar, Chairperson of HKAB, said "Hong Kong has a mature electronic payment system offering a variety of electronic payment means. Electronic payment already accounts for about 60% of the total private consumption expenditure. Very soon, Hong Kong will receive an upgrade in the form of FPS, which promises real-time, 24/7 payments among consumers and businesses. HKAB will continue to support and promote industry-wide programmes that enhance payment services in Hong Kong."

For enquiries, please contact Mr Steve Choi, Secretary of HKAB, at (852) 2521 1169.

The Hong Kong Association of Banks

17 September, 2018


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