Central Banking

HKMA launches new faster payments system

HKMA

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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