Hong Kong has achieved a landmark being the most recent country to launch a 24×7 instant payment platform; the Faster Payment System. As part of its upgrades using the instrumentality of fintech which has improved the country’s retail payment commendably, the registration has hit up to about 450,000 public registrations after its introduction and activation.
The Faster Payment System (FPS) Initiative
Notably, about two weeks ago, the Faster Payment System (FPS) initiative was announced by the Hong Kong Monetary Authority (HKMA), being the country’s “de facto” central bank. The new platform operates round the clock to form a viable connection between banks and stored-valued facility (SVF) operators.
In the light of the official launch of the initiative, a total of 21 banks consisting of the most of retail banks and 10 SVFs are readily participating in the system so as to meet the growing demand of their customers.
In simple terms, the platform enables residents of Hong Kong to make funds transfer in the real sense across banks without excluding the SFVs which are participating in the system by making use of the email address or mobile number of the recipient with added support for QR codes instead of the traditional bank account number.
450,000 Registrations Already Recorded
Almost immediately after this announcement was made, the FPS has seen nothing less than 450,000 registrations from the public as payees, as revealed by the central bank on Sunday while announcing the full launch of the initiative. The chief executive of HKMA, Norman Chan, during the ‘Activation Ceremony’ of the service, stated that;
“After the full launch of the FPS on 30 September, Hong Kong will enter a new era of electronic payment as the FPS is a unique retail payment system in the world”
The central bank executive also added that the service would be free so long it’s for small-value transfers, stating that:
“We can enjoy an instant payment service which is round-the-clock, simple and convenient to use, robust and secure, with full connectivity while supporting both the Hong Kong dollar and the renminbi. It is also free of charge for small-value fund transfer.”
A full list of participants, settlement entities and clearing entities (SVFs), as of September 28, was also released to public domain.
The launch of the FinTech service is a welcomed development as it came at a time when the Hong Kong government has initiated an “open arms” policy towards blockchain experts which was done by attracting professionals with friendlier immigration policies for these experts to boost the country’s economic development by investing in the important field.