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Press Release 07 November 2022

Commencement of the Additional Payment Arrangement for Property Transactions (PAPT)

The Hong Kong Association of Banks (HKAB) announces that starting from today (7 November 2022), bank customers will be provided with an option of alternative payment arrangement in respect of residential mortgage refinancing transactions, which has been endorsed by the Hong Kong Monetary Authority.

Under the existing payment arrangement, mortgage loan proceeds are transferred to law firms for custody and subsequent issuance of solicitor's cheque for repayment of customers' original mortgage loans. PAPT is introduced to enable banks to handle such payments direct by means of real-time electronic fund transfer, with a view to going abreast with the digital payment age and enhancing customer protection by reducing the risks associated with the payment.

To facilitate customers' understanding on PAPT, HKAB has developed an e-leaflet which is available on HKAB's website (https://www.hkab.org.hk/DisplayArticleAction.do?sid=5&ss=34&lang=en). Customers are encouraged to learn more about PAPT and its benefits, and to actively consider using PAPT for settlement in property refinancing transactions. For more information about PAPT, customers are welcomed to enquire with their banks.

The Hong Kong Association of Banks
7 November 2022

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