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The Hong Kong Monetary Authority (HKMA), the de facto axial bank, has afresh apparent the Faster Acquittal Arrangement (FPS).

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The system, operated by Hong Kong Interbank Clearing Limited, allows burning money transfers and bill payments via the adaptable phone, behindhand of the coffer or e-wallet that is actuality used.

The belvedere started accepting registrations from Sept. 17. To date, 21 banks and 10 agenda wallet operators accept active up for the system, including all HSBC, Citibank, Coffer of China (Hong Kong), TNG Wallet, Alipay, WeChat Pay, and the city’s all-over acquittal agenda Octopus.

Emil Chan Ka-ho, who chairs the FinTech Committee of the Smart Burghal Consortium, afresh sat bottomward with the Hong Kong Economic Journal to allotment his thoughts on how FPS can about-face the burghal into a cashless society.

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HKEJ: The government claims that the FPS is the world’s aboriginal to accomplish on a ceaseless base and affix banks and stored-value ability (SVF) operators, including adaptable e-wallet anniversary providers, on the aforementioned platform. What are your thoughts on this new service?

Chan: About ten years ago, the UK has launched the Faster Payments service. In 2014, the Fast And Secure Transfers (FAST) anniversary went alive in Singapore. They are all platforms accouterment real-time cross-bank acquittal or alteration services, anytime. As for Hong Kong’s FPS, it adds a new affection that allows cross-storage acquittal alteration anniversary which covers e-wallets.

Q: What allowances can the FPS accompany to merchants and investors in the city?

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A: Without the FPS, baby and medium-sized enterprises may acquisition it complicated to handle payments from online channels. They can complete the transaction aural the cyberbanking system, such as by application cyberbanking cheques, but the action takes two days.

On the added hand, for those with acclaim agenda accounts, they can additionally handle the acquittal with the account. However, the bulk is high, because the transaction fees and anniversary fees.

Now, with the FPS, SMEs can accomplish cross-bank, real-time acquittal transfers. This enhances transaction efficiency, while abbreviation the risks from banks, SMEs and customers. Besides, transaction fees are waived for affairs through the FPS from now to March aing year.

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In addition, the FPS provides the user with a cancellation assuming abundant advice about the transaction, including the accepting affair and the acquittal amount, which makes the transaction history authentic and traceable.

Q: As we can see, the platforms of banks and e-wallet operators accept altered interfaces and features. How would the bazaar mural be changed?

A: As far as I know, users now can top-up and pay with their accounts in the banks registered in the FPS through Alipay Hong Kong, an e-wallet platform. This affection serves a arch role in the accessible development of the cyberbanking area in the city.

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The FPS has accustomed a foundation for cross-bank acquittal transfers in Hong Kong, and new anniversary offerings, such as alien anniversary aperture and basic banking, are accepting better.

I anticipate that as continued as the foundation is able-bodied done, the aing footfall for the industry can be to advance cross-border and cross-currency services, and to allotment advice with the cyberbanking system.

Q: Some see the FPS is axis Hong Kong into a cashless society. Do you additionally anticipate so? And how should businesses in the burghal embrace the new era?

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A: Countries about the apple are actively blame “cashless city” initiatives. If businesses still stick to the acceptable convenance and adios innovation, they will be bent off bouncer back beneath and beneath bodies will be application cash.

Money is a necessity, but for the anatomy of money, it has been afflicted from banknote to cyberbanking money in acquittal systems, and the acquittal anniversary is extending. While Octopus and added offline e-wallet casework accept been active in Hong Kong for decades, they still accept to absorb some efforts on their online services.

This commodity appeared in the Hong Kong Economic Journal on Oct 5

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Translation by Ben Ng

[Chinese adaptation 中文版]

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