點新聞
Through dots, we connect.
讓世界看到彩色的香港 讓香港看到彩色的世界
標籤

Eddie Yue: Cross-boundary rapid payment system link with Mainland China to be piloted mid-next year

Eddie Yue anticipates the pilot linkage of Hong Kong's Faster Payment System (FPS) with mainland China's Interbank Online Payment System (IBPS) by mid-next year, marking significant progress in cross-boundary rapid payments. (SCMP)

Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, anticipates the pilot linkage of Hong Kong's Faster Payment System (FPS) with mainland China's Interbank Online Payment System (IBPS) by mid-next year, marking significant progress in cross-boundary rapid payments.

He explained that the linkage would enable 24x7 banking services, instant settlement of small payments, and transfers using just a phone number.

Yue noted that technical coordination is underway, with ongoing discussions with the People's Bank of China about details such as exchange rate calculations, transaction limits, and the geographic scope involved.

Yue also mentioned that more than ten use cases are currently being tested under the Ensemble project, with several already completed and results expected to be announced soon. The project will also include cross-border testing with the central banks of Thailand and Brazil and will explore further practical use cases, including cross-border trade finance in a tokenized format.

 

Related News:

Policy Address 2024 | Interest high among foreign chambers in liquor tax reduction

Govt to support local SMEs by Pre-approved Principal Payment Holiday Scheme and increased compensation rate, Algernon Yau says

Comment

Related Topics

New to old 
New to old
Old to new
relativity
Search Content 
Content
Title
Keyword