The Faster Payment System allows anyone to sign up with their mobile phone number or email address and transfer money between different bank accounts. Photo: Shutterstock

Hong Kong hits major fintech milestone as half the city’s population signs up for HKMA’s Faster Payment System

  • Half the population of the city has now registered for the HKMA service, which enables the free transfer of money between bank accounts via mobile phone
  • The development shows Hong Kong is moving quickly into a new era of branchless banking, said officials at the Asian Financial Forum
Topic |   Fintech

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The Faster Payment System allows anyone to sign up with their mobile phone number or email address and transfer money between different bank accounts. Photo: Shutterstock
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Enoch Yiu

Enoch Yiu

Enoch joined the Post as a business reporter in 1996. Before that, she worked at a Chinese daily newspaper for four years. She is author of two books: 'They Mean Business: 50 exclusive interviews with Hong Kong top executives' and 'Serving with Passion: stories of established catering brands in Hong Kong'.