The Hong Kong Monetary Authority (HKMA) has introduced the Faster Payment System (FPS) to facilitate fund transfers. The transfers will be no cost, immediate, and interbank.

The system will connect banks and stored-value facility (SVF) operators on the same platform. Furthermore, the system will be available from the end of September 2018.

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To be available round the clock, the FPS will use the mobile number or email address of the beneficiary. In addition, the currency utilised is the Hong Kong Dollar (HKD) or Chinese Renminbi (RMB).

HKMA chief executive Norman Chan said: “The FPS is a unique platform as it supports instant payments in the HKD and the RMB with the use of mobile phone numbers, email addresses or QR codes, and achieves full connectivity among banks and SVF accounts.

“It makes retail fund transfers and payments much quicker and easier.  The launch of the FPS signifies the payment system, which forms the core part of the Hong Kong’s financial infrastructure, will enter into a new era.”

All interested users can also register their mobile number or email address with the FPS as their account proxy.

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Currently, 21 banks and ten SVFs in Hong Kong are associated with the FPS system.

Chan added: “While it will bring new opportunities to the retail payment industry, it will also promote innovation in financial technology, providing greater convenience and new experience to the public.”

Moreover, the overall FPS service will be within HKMA’s purview under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO).