Hong Kong FPS to Integrate with UnionPay Network

The Hong Kong Monetary Authority (HKMA) has confirmed that its Fast Payment System (FPS) will connect with UnionPay International, facilitating QR-code-based payments across more than 100 million merchants in 40 countries and regions. The technical integration is expected to be completed by the end of this year.

HKMA Deputy Chief Executive Li Dazhi stated that the initial rollout will prioritize locations frequently visited by Hong Kong residents, including Mainland China, Macau, Malaysia, and South Korea, with other regions to follow in subsequent phases. Authorities plan to release specific details regarding transaction limits and security measures closer to the launch date.

Financial Secretary Paul Chan noted that the effort is centered on enhancing interoperability between different financial systems. Since its inception, the FPS platform has grown to over 2.2 million registrations, with average daily transaction volumes reaching 16.2 billion Hong Kong dollars.