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Hong Kong and Thailand to allow cross-border use of FPS and PromptPay digital payment systems from December

  • Hongkongers will be able to use FPS to make purchases in Thailand, and Thais will similarly be able to use PromptPay in Hong Kong from December 4 onwards
  • The cross-border payment landscape will undergo significant improvement at the wholesale and retail levels over the next few years, HKMA CEO Eddie Yue says

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The cross-border payment landscape will undergo significant improvement at the wholesale and retail levels over the next few years, CEO Eddie Yue says. Photo: HKMA
Mia Castagnone

Digital payment systems developed by Hong Kong and Thailand will be ready for use in the two jurisdictions from early next month, eliminating the hassle for travellers wanting to exchange currencies.

Starting from December 4, Hongkongers will be able to use the Faster Payment System (FPS) to make purchases in Thailand, while Thais travelling to Hong Kong will be able to use their local equivalent, PromptPay, in Hong Kong at merchants that accept QR code payments, under an agreement between the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand.

Hong Kong tourists can use their mobile phones for FPS payments that will be based on the foreign exchange rate at that given moment.

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“In the coming Christmas and New Year holiday [Hong Kong residents] can use FPS wallets to scan and pay at over 8 million Thailand merchants without the hassle of exchanging Hong Kong dollars to Thai baht beforehand,” HKMA CEO Eddie Yue Wai-man said in his keynote address at the FinTech Week on Thursday.
Hongkongers can use FPS wallets to pay for purchases in Thailand, in time for the year-end festive season, without having to convert their cash into the Thai baht, HKMA CEO Eddie Yue says. Photo: HKMA
Hongkongers can use FPS wallets to pay for purchases in Thailand, in time for the year-end festive season, without having to convert their cash into the Thai baht, HKMA CEO Eddie Yue says. Photo: HKMA

The flagship event, backed by InvestHK, is set to attract more than 30,000 visitors, government officials, regulators and heads of major banks.

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The HKMA, the city’s de facto central bank, has been working with the Bank of Thailand to linking their digital payment systems. The two sides are also collaborating on the “mBridge” Central Bank Digital Currency project along with the central banks of China and the United Arab Emirates on the use of CBDCs in settling international payments.

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