The FPS is a cost provider permitting customers to pay or switch cash to different customers — together with folks and retail outlets — in numerous currencies across the clock. It got here into operation in Hong Kong in 2018 and expanded to hide Thailand in November 2023.
The monetary provider has modified with the improvement of the person marketplace. As Hong Kong customers of the FPS steadily go back and forth to Thailand, it’s logical for the FPS to have won a foothold in Thailand. Hong Kong citizens go back and forth to the mainland extra ceaselessly and in higher numbers to head sightseeing, consult with their households and do trade. That the FPS has no longer been to be had at the mainland for goodbye presentations that it has did not faucet into the marketplace call for.
Mainland cost services and products WeChat Pay and Alipay have lengthy “invaded” the Hong Kong marketplace. They have got totally modified the intake conduct of mainland vacationers in Hong Kong. Prior to now, vacationers first needed to alternate RMB for Hong Kong bucks, and they would have needed to care for difficulties reminiscent of no longer having sufficient exchange for delivery or buying groceries. Now, a easy faucet on their telephones lets them pay in RMB upon returning to the mainland.
Move-border cost isn’t just a handy provider broadly utilized by mainland vacationers in Hong Kong, but in addition permits Hong Kong citizens to make use of those cost equipment at the mainland and settle transactions in Hong Kong bucks at Hong Kong banks. The truth that Hong Kong’s personal cost equipment can handiest be utilized in Hong Kong has inadvertently put itself “at the defensive”.
Now that FPS is getting ready to release a “counterattack” at the mainland marketplace, it may be mentioned that it’s after all taking part in catch-up. The truth that Hong Kong customers too can experience handy services and products in cost and cash switch at the mainland no longer handiest provides Hong Kong other folks an extra provider choice, but in addition permits mainland folks and retail outlets who’ve rather shut trade interactions with Hong Kong other folks to make use of it in an effort to draw in Hong Kong consumers.
Move-border cost comes to cross-border information problems, which come with the problem of private privateness. It’s believed that Hong Kong has a suite of complete prison laws to make certain that non-public information might not be abused. In a similar fashion, regarding the problem of foreign currency echange keep watch over at the mainland, cross-border cost will breed the issue of underground cash changers profiting from loopholes. Then again, since mainland cost services and products had been broadly used out of the country, it’s believed that the central financial institution can have an array of equipment to answer the location.
Reformers are marked by means of their adaptability; they construct a highway when there’s a mountain and a bridge when there’s a river. With this spirit, politicians and businessmen at the mainland have conquer all forms of difficulties and blazed a path. Hong Kong additionally wishes reform, and it’s going to come across mountains and rivers blocking off its method ahead. No longer handiest will it want the facility to construct roads and bridges, but in addition the spirit of no longer shying clear of difficulties and eliminating limitations that impede integration.
The HKMA has introduced that it could trial using the FPS at the mainland. That is precisely a reminder that Hong Kong nonetheless has a large number of lengthy late duties unaccomplished. To play catch-up, it must act even quicker and with extra robustness in order that it could possibly draw degree with the pioneers. “Pass Hong Kong” must no longer be a slogan however an motion.
Ming Pao Editorial 2024.10.29: Following the marketplace to the mainland is each a political process and a promotion of integration
Hong Kong Financial Authority President Yu Weiman introduced the day before today that FPS might be trialled for interoperability with the mainland’s on-line cost inter-bank clearing device by means of the center of subsequent yr.
FPS is a cost software that permits customers to pay or switch cash to different customers, together with folks and retail outlets, in numerous currencies across the clock. It’ll be introduced in Hong Kong in 2018 and expanded to Thailand in November 2023.
This sort of monetary provider “acknowledges adjustments” in keeping with the person’s marketplace. Hong Kong customers steadily go back and forth to Thailand, and it’s commonplace for them to “cross” to Thailand with FPS. Hong Kong voters go back and forth to the mainland extra ceaselessly and in massive numbers to consult with family and do trade. The prolong in going to the mainland is in fact an indication of lagging at the back of marketplace call for.
Mainland cost equipment, services and products reminiscent of WeChat and Alipay, have lengthy “attacked” the Hong Kong marketplace, totally converting the intake patterns of mainland vacationers coming to Hong Kong. Prior to now, they needed to first alternate RMB for Hong Kong bucks, they usually may additionally come across issues when touring by means of automobile or buying groceries with out sufficient exchange. Looking ahead to bother, now you simply wish to swipe together with your cell phone and pay in RMB while you go back to the mainland.
Move-border cost isn’t just a handy provider broadly utilized by mainland vacationers in Hong Kong. Hong Kong voters too can use this cost software when touring to the mainland and settle in Hong Kong bucks in Hong Kong banks. Hong Kong’s personal cost equipment can handiest be utilized in Hong Kong, which has turn into “defensive”.
Now FPS is getting ready to “counterattack” the mainland marketplace, which may also be considered lagging at the back of. Hong Kong customers too can experience handy services and products in cost and switch after they cross to the mainland. This no longer handiest provides Hong Kong voters yet another provider selection, but in addition permits mainland and Hong Kong to Other people and retail outlets with whom other folks have shut trade dealings are used as a device to draw Hong Kong consumers.
In spite of everything, cross-border bills contain cross-border information problems, together with non-public privateness problems. I consider Hong Kong has entire prison laws to make certain that it’s going to no longer be abused. As for the mainland’s foreign currency echange keep watch over problems, cross-border bills will even breed the issue of underground banks profiting from loopholes. Then again, since mainland cost equipment had been broadly used out of the country, I consider the central financial institution can have enough reaction measures to unravel it.
Construction roads throughout mountains and rivers and construction bridges is a distinct ability of reform. Mainland politicians and businessmen all apply this spirit and conquer quite a lot of difficulties to blaze a path. Hong Kong is these days present process reform, and also will come across mountains and rivers blocking off its growth. It no longer handiest calls for the facility to construct roads and bridges, but in addition the spirit of no longer being petrified of difficulties and tearing down the limitations that obstruct integration.
The Hong Kong Financial Authority introduced that it’s going to trial using FPS within the Mainland, which simply reminds Hong Kong that there are nonetheless many stuff that are meant to had been performed previous however have no longer been performed. To catch up, Hong Kong wishes to make use of quicker velocity and larger momentum to meet up with the complicated ones. Hong Kong cannot do higher. It must be a slogan, however it must even be an motion.
■Word list new phrases /
foothold : a robust place in a trade, occupation, and so forth. from which sb could make growth and succeed in luck
at the defensive : performing in some way that presentations that you are expecting to be attacked or criticisd; having to protect your self
robustness : the standard of being robust and made up our minds since you are positive about what you might be doing or announcing
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