Hong Kong's Faster Payment System will collaborate with UnionPay International, which is expected to enable QR-code payments at over 100 million merchants across the city, the mainland, and more than 40 overseas markets, Financial Secretary Paul Chan Mo-po said on Monday.
The FPS has drawn more than 22 million registrations in Hong Kong, a home to 7.5 million people, with daily Hong Kong dollar payments averaging HK$16.2 billion in 2026, Chan said in a speech at Hong Kong Fintech Week x StartmeupHK 2026.
He noted that Hong Kong targets leveraging efficiency as the engine, inclusion as the purpose, and trust as the foundation to turn technological capabilities into real economic benefits.
With global unmet trade finance demand estimated at US$2.5 trillion (HK$19.5 trillion), Hong Kong lets business data speak where collateral falls short, Chan said.
Hong Kong's Commercial Data Interchange has already supported more than 125,000 SME loan applications, covering nearly HK$110 billion in credit, he added.
In terms of regulation, Chan pointed out that Hong Kong's regulatory framework has kept pace with innovation to ensure that financial markets can grow on a firm foundation, citing the comprehensive assessment of the city's stablecoin issuer licences granted.
"Imagine a small business receiving payment through FPS in the morning, securing finance using its trade records at midday, and paying an overseas supplier that afternoon. Each step is fast, reliable and safeguarded. That is fintech serving the real economy," he noted.
The government will provide clear rules and reliable infrastructure to bring fintech benefits into the daily operations of businesses, he added.
