HKMA's Eddie Yue Announces Connection of HK and Thai Fast Payment Systems, Starting 4 Dec

Speaking at FinTech Week, HKMA Chief Executive Eddie Yu said he has been working closely with the Central Bank of Thailand to connect Hong Kong's Faster Payment System (FPS) to PromptPay, Thailand's real-time payment system, and announced that a joint cross-border payment system will be launched from 4 December.

Hongkongers visiting Thailand during the Christmas holidays will be able to use their FPS wallets to scan and pay at over 8 million merchants across Thailand. Thai travellers can also use PromptPay to pay at Hong Kong merchants.

Yu pointed out that the details of the settlement and exchange would be announced later. When studying the collaboration with the industry, it was hoped that the settlement and exchange would be fast, and the exchange price would be competitive and not too expensive.