Hong Kong’s Faster Payment System has surpassed 700,000 transactions a day in fintech milestone, says Financial Secretary Paul Chan

Name: Hong Kong can't miss Greater Bay Area boat in post-Covid-19 recovery, Victor Fung of Fung Group says
Uploaded: 2021-11-03T08:30:12.000Z
Duration: 10 min 1 s
Description: Hong Kong can't miss Greater Bay Area boat in post-Covid-19 recovery, Victor Fung of Fung Group says

Electronic payment system averaged HK$5.2 billion in transactions a day at the end of September, three years after its debut

FPS is one of several ways Hong Kong seeks to innovate, Financial Secretary Paul Chan Mo-po says at 2021 Hong Kong FinTech Week conference

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Financial Secretary Paul Chan Mo-po addresses the opening of 2021 Hong Kong FinTech Week on Wednesday. Photo: K.Y. Cheng

Chad Bray

Published: 4:30pm, 3 Nov 2021Updated: 10:47pm, 3 Nov 2021

Hong Kong’s Faster Payment System (FPS) has surpassed 700,000 transactions a day just over three years after its debut, showcasing one of the ways the city is seeking to innovate as a financial technology hub, according to Financial Secretary Paul Chan Mo-po.

Speaking at the 2021 Hong Kong FinTech Week conference, Chan said the electronic system for immediate fund transfers and retail payments averaged 740,000 transactions per day worth HK$5.2 billion (US$668 million) at the end of September. Average daily transaction volumes have more than doubled from HK$2.4 billion in early 2020.

FPS, which debuted in September 2018, is one of several initiatives – from the recently launched Wealth Management Connect scheme in the Greater Bay Area (GBA) to an electronic consumption voucher scheme for residents – that the city has rolled out as it vies to remain at the cusp of innovation in the financial services sector, he said.

“Hong Kong remains a prime financial centre,” Chan said in the opening address at the conference on Tuesday.

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Hong Kong can't miss Greater Bay Area boat in post-Covid-19 recovery, Victor Fung of Fung Group says

By comparison, Singapore’s Fast and Secure Transfers (FAST) system averaged about 403,000 transactions a day worth S$578 million (US$428 million) in 2020, according to Monetary Authority of Singapore (MAS) data.