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Faster Payment System (FPS; Chinese: 快速支付系統, more commonly known as 轉數快) is a real-time gross settlement [1] payment system in Hong Kong that connects traditional banks and electronic payment and digital wallet operators. [2]
The Clearing House Automated Transfer System, or CHATS, is a real-time gross settlement (RTGS) system for the transfer of funds in Hong Kong. It is operated by Hong Kong Interbank Clearing Limited (HKICL), a limited-liability private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks ...
In an RTGS system, transactions are settled across accounts held at a central bank on a continuous gross basis. The settlement is immediate, final, and irrevocable. Credit risks due to settlement lags are eliminated. The best RTGS national payment systems cover up to 95% of high-value transactions within the national monetary market.
By the end of 2019, 1017 banking institutions from 59 BRI countries and regions (including mainland China, Hong Kong SAR, Macao SAR, and Taiwan) ran their business via CIPS. In 2021, CIPS processed around 80 trillion yuan ($12.68 trillion), with about 1280 financial institutions in 103 countries and regions having connected to the system.
The move has drawn widespread criticism in Hong Kong and abroad: governance advocate and board member David Webb said that the government was the second-largest single investor in the Hong Kong market after Beijing, with a portfolio of local equities estimated to be worth about HK$150 billion.
The Quality Migrant Admission Scheme ("QMAS") is a points-based immigration system in the Hong Kong Special Administrative Region of the People's Republic of China. [1] [2] It was first announced in February 2006, and began accepting applications in June of the same year; by September 2023, more than 20000 people had been admitted to residence in Hong Kong under the scheme.
PayMe was introduced as a standalone mobile app, offering P2P social payment. [14] Users register via a Facebook account or Hong Kong mobile phone number and authorise access to a credit card or local bank account (not necessarily an HSBC account), from which the balance can be topped up, and a bank account to receive money.
Both Hong Kong (the Special Administrative Region of the People's Republic of China) and the Republic of Singapore are former British colonies which have maintained trade relations since the 19th century, and have both become an important financial centre, maintaining diplomatic missions and trade offices to further their bilateral relations.