HSBC to launch new mobile P2P payment platform in the ‘next few days’
The bank says the HKMA’s fintech initiatives are helping its digital push
HSBC will launch a new mobile peer-to-peer payment system in the next few days, according to the bank’s head of retail banking and wealth management, Greg Hingston
The new ‘easy pay’ system will function within HSBC’s existing mobile application and will allow users to transfer funds instantaneously. It will only require knowledge of the recipient’s mobile phone number to transfer the money.
The new system will be among the first tangible results in Hong Kong of the bank’s US$1.7 billion global transformation plan in which digitalisation is playing an important role.
As well as the P2P platform, HSBC will begin rolling out its new internet banking services in Hong Kong before the end of this year, and a new stand-alone mobile application for stock trading is expected early next year.
The biggest threat to banks may not be small fintech startups, but large tech firms like Tencent or Facebook
Speaking to the media on Thursday, Hingston said he thought HSBC was roughly half way through its transformation process, but that so far most of the changes had been in the bank’s internal systems.
“The biggest thing for us, I think, is being faster at getting [new digital] services out there. That is why we are investing very heavily now but, more importantly, [we are investing] so that we are able to do this more quickly moving forward.