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World's Real-Time Payment Systems | Eighth Stop: Hong Kong

Updated: Oct 12, 2023

Contributed by Lim Jing Wei, Chief Fintech Officer

In this article, CYS Global Remit is thrilled to introduce you to Hong Kong's Faster Payment System (FPS). Created in 2018 by the Hong Kong Monetary Authority (HKMA) and seamlessly operated by Hong Kong Interbank Clearing Limited (HKICL), FPS is a game-changer in the world of finance. It's designed to bring the magic of instant payments to the vibrant streets of Hong Kong, offering consumers and businesses a secure, efficient, and always available retail payment service.

FPS has revolutionized the way we make payments, introducing real-time transactions in both Hong Kong Dollar (HKD) and the Chinese Yuan (CNY). But it doesn't stop there; FPS offers an array of overlay services and use cases that elevate your payment experience. From handy proxy addressing services to the convenience of account alias services, the simplicity of QR code interoperability, and the ease of government bill payments and direct debit transactions—FPS has got it all.

Now, let's talk numbers.

In April 2022, FPS celebrated a remarkable milestone—surpassing 10 million registered users. The surge in users, driven in part by the pandemic, saw approximately six million individuals embracing FPS during those pivotal two years.

But here's the exciting news: CYS Global Remit is about to take your payment experience to the next level. Soon, we'll be launching Real-Time payments for HKD through our mobile application. Imagine the convenience of seamless transactions at your fingertips. Stay tuned for more information as we embark on this exciting journey together.

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