Central Banking

HKMA launches new faster payments system

New system will reduce transaction time and scrap interbank fees


A soft launch of Hong Kong’s new payment system took place earlier this month, with the date to go fully operational set for September 30. The system will support both renminbi and Hong Kong dollar payments.

The future payment system, or FPS, “is a unique platform as it supports instant payments in the [Hong Kong dollar] and the [renminbi] with the use of mobile phone numbers, email addresses or quick response (QR) codes, and achieves full connectivity among banks,” said chief executive of the

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FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

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