Bank on easier money moves

Top News | Esther Yu 23 Feb 2017

A new system to advance real-time, cross-bank fund transfers will be launched in 2018, Paul Chan Mo-po revealed.

Developed by the Hong Kong Monetary Authority, the 24/7 system is expected to provide faster and more cost- effective payment and transfer services.

That should mean a holder of an account at, say, Bank of East Asia can move money to one at Hang Sang Bank through an electronic platform.

Until now, of course, cross-bank payments need to be done by check or setting up online instructions. Such systems can mean two days are required for funds to be moved.

A similar interbank system - real- time gross settlement - to process payments between lenders as well as handling checks is maintained by the Monetary Authority.

Hong Kong Association of Banks chairman Yue Yi said the new system would be a welcome addition and should lead to more service options for the public.

On that, Chan said there could be new channels for paying government bills and fees.

Also on financial technology, he said advances for e-payments and cyber security are in focus, and the HKMA and banks are working with the Applied Science and Technology Research Institute.

That could take in property valuations, trade financing and managing digital identities.

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