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

Name: SCMP
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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

Enoch Yiu

Published: 6:58pm, 13 Jan, 2020

Updated: 11:18pm, 13 Jan, 2020

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 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'.