In his speech during Fintech Week, Eddie Yue Wai-man, the Chief Executive of the Hong Kong Monetary Authority (HKMA), announced today (Nov. 2) that the Faster Payment System (FPS) will officially launch a cross-border payment system in collaboration with Promptpay from Thailand on December 4th. Hong Kong and Thai users will be able to use this system during the Christmas holiday period. Hong Kong citizens traveling to Thailand can scan and make payments to over 8 million merchants nationwide using their FPS wallets.
In fact, FPS is celebrating its 5th anniversary, and HKMA Deputy Chief Executive, Howard Lee, had previously mentioned plans to expand the application scenarios for FPS. Regarding cross-border usage, the interconnection plan between Hong Kong's FPS and Thailand's Promptpay retail payment systems is expected to be launched by the end of this year. This initiative will allow Hong Kong residents to use FPS for retail payments when visiting Thailand, while Thai individuals can use Promptpay as a merchant payment option when visiting Hong Kong. It is hoped that this collaboration between Hong Kong and Thailand will lay the foundation for future cross-border payment scenarios.
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