Half of Hong Kongers Signed Up for HKMA Payment System
A Hong Kong official unveiled that the local regulator had successfully attracted half the local population to become users of its digital payment system during the Asian Financial Forum 2020.
James Lau, Hong Kong’s secretary for financial services and the treasury, shared that the system was proven to be «popular» during a panel discussion yesterday at the forum. The system allows users to easily sign up using an e-mail address or mobile phone number to transfer money between bank accounts and make payments to shops using mobile-based QR codes.
«The next major development is the launch of more virtual banks in the first quarter of this year in Hong Kong, which will provide more online banking services to the public,» Lau said.
ZA Bank became Hong Kong’s first virtual bank to hit the market and its entrance was accompanied by an attractive 6.8 percent rate for a limited number of three-month time deposits – a full 3 percent above competitors. Within the first half of this year, most of the remaining seven virtual banks are also expected to launch.
