The HKMA launched FPS in 2018; it runs in both HKD and RMB and is open to banks and e-wallet operators.
What FPS is, who operates it and who can use it.
The HKMA launched the Faster Payment System on 17 September 2018; all banks and e-wallet operators in Hong Kong can take part, it runs 24x7, payments can be addressed by mobile number or email, and it supports Hong Kong dollar and renminbi.
HKD FPS and RMB FPS are designated systems under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584) as part of HKD and RMB CHATS, so participants get statutory settlement finality; the HKMA supervises them on a continuing basis.
HKICL operates both HKD FPS and RMB FPS. The HKMA provides the settlement book for HKD FPS payments, while a designated clearing bank provides the settlement book for RMB FPS payments.
Merchants and corporates can ask their bank or stored value facility for an FPS identifier to receive payments; HKICL lists channels such as POS, online, apps, bills and direct debit for collecting via FPS.
Faster Payment System (FPS) — HKMA
FPS - About FPS Overview — HKICL
FPS - Merchants Overview — HKICL
Fact sheet last reviewed 2026-09-26. Jurisdiction rules are confirmed against the sources above; a provider's own requirements differ and are confirmed by the provider.
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Merchants and corporates can ask their bank or stored value facility for an FPS identifier to receive payments; HKICL lists channels such as POS, online, apps, bills and direct debit for collecting via FPS.
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