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September 26, 2018

On the wires

The Launch of Faster Payment System (FPS)

“The Hong Kong Monetary Authority (HKMA) announced the launch of the Faster Payment System (FPS) today. The FPS is one of the seven initiatives announced by the HKMA in September 2017 for preparing Hong Kong to move into a new era of Smart Banking. The FPS operates on a round-the-clock basis and connects banks and stored-value facility (SVF) operators on the same platform. It enables the public to transfer funds anytime, anywhere, across different banks or SVFs with funds available almost immediately. Fund transfer will become very user-friendly with the use of mobile number or email address as account proxy for the payee. In addition to the Hong Kong Dollar (HKD), the FPS also supports Renminbi (RMB) payments.”

September 11, 2018

On the wires

UnionPay International launches the “UnionPay” app in Hong Kong and Macau to enhance the local customers’ mobile payment experience

“UnionPay International announced today that in answer to the construction of the Greater Bay Area and to meet the increasingly payment needs brought by the exchanges between Hong Kong/Macau and the Chinese Mainland, the unified mobile payment app of China’s banking industry, “UnionPay”, has started offering service to customers in Hong Kong and Macau, facilitating the interconnection of mobile payment in the Greater Bay Area. From today, consumers in Hong Kong and Macau can bind their locally issued UnionPay cards to the “UnionPay” app and enjoy mobile payment service both in and outside Hong Kong and Macau.”

September 6, 2018

On the web

Hong Kong blockchain start-up rolls out Asia’s first cryptocurrency Visa debit card to take on credit cards

South China Morning Post

“The Crypto.com debit card will be linked to wallets for both fiat money and cryptocurrency, which will allow users to spend their cryptocurrencies after converting these into fiat money. The company supports five cryptocurrencies – bitcoin, litecoin, ethereum, MCO and Binance Coin – and these can be converted into seven fiat currencies, including the Singapore dollar, the US dollar and the Hong Kong dollar.”

July 26, 2018

Top Post

Hong Kong Launches Open API


“In a push to move Hong Kong’s financial sector into the era of «Smart Banking», the Hong Kong Monetary Authority said an open application programming interface, or API, will be launched on its official website for public access from Monday.  «Open API can help to ensure the competitiveness of the banking sector, encourage more parties to provide innovative and integrated services that improve customer experience,» said HKMA in its statement.  It will first release 50 sets of financial data and important information next week, followed by another 80 sets of information in later stages until the middle of next year. These cover frequently assessed information such as statistics on Hong Kong dollar exchange rates, interest rates, the banking sector and the Exchange Fund, which is used to back the currency.”

July 18, 2018

On the web

Hong Kong Regulator, Banks Launch Blockchain-based Trade Finance Platform


“Hong Kong’s banking regulator and seven banks, including HSBC Holdings PLC and Standard Chartered PLC, on Tuesday said they will jointly launch a trade finance platform in September using blockchain technology.The platform will be one of the largest examples globally of a government-led, cross-bank effort to reform the multi-billion dollar trade finance sector using the distributed ledger technology that underpins digital currencies such as bitcoin.”

May 29, 2018

On the web

A Payments Battle Is Brewing In Hong Kong


“Alipay’s azure blue logos began appearing two years ago in Hong Kong’s airport, greeting travelers from China who rely on the popular payments app back home. In recent months, taxis got them. Now stores and boutiques have them. They’re all signs of a battle brewing in Hong Kong that will test whether a Western-style financial system — based on banks, credit and debit cards — can fend off a pair of apps that have come to dominate how people spend and send money throughout China. If Ant Financial’s Alipay and Tencent Holdings  Ltd.’s WeChat Pay can expand into the city and win new customers there, why not in Europe and the U.S., too?”

March 30, 2018

On the wires

Octopus App for Business Now Enables All Octopus Users to Pay on Merchant Mobile Devices

“Octopus Cards Limited today launched a new feature to enhance the Octopus App for Business, allowing merchants to accept Octopus card payment through their NFC mobile devices. Users of all Octopus cards and products (including Smart Octopus in Samsung Pay) can simply tap on the merchants’ NFC mobile devices – which can now serve as Octopus readers for easy payments. In collaboration with the Coalition of Hong Kong Newspaper and Magazine Merchants, the new feature will be introduced in the coming months to around 400 newspaper stalls in Hong Kong, commencing in Mong Kok. Existing Octopus App for Business merchants, as well as other businesses and trades in the city can also make use of this new feature for broader consumer coverage.”

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