Hong Kong is Testing FPS for Digital RMB Mobile Payments

Abstract : The first phase of the test has been completed, and the second phase will expand the scope of participating banks.

ChainDD
ChainDD

Mar 28

March 28 (ChainDD) The Hong Kong Monetary Authority (HKMA) is testing a fast payment system called "Faster Payment System (FPS)" to help digital RMB to recharge for mobile payment, said the Chief Executive Eddie Yue on March 26.

At present, the first phase of the test has been completed, and the second phase will expand the scope of participating banks, according to him.

Yue said on March 15 that the HKMA would work with the People's Bank of China's Digital Currency Research Institute to test the technology of using digital RMB for cross-border payments and make technical preparations accordingly. At the same time, the second half of the year was expected to launch bonds southward, financial services, etc.

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