3 November 2021 – Transactions on Hong Kong’s Faster Payment System (FPS), a real-time payment financial infrastructure, reached a milestone, averaging 740,000 transactions per day, worth HKD 5.2 billion ($668 million) at the end of September, according to financial secretary Paul Chan Mo-po during the 2021 Hong Kong FinTech Week conference. Average daily transaction volumes have more than doubled from HKD 2.4 billion ($311 million) in early 2020. In comparison, transactions on Singapore’s Fast and Secure Transfers (FAST) system averaged about 403,000 transactions a day, reaching SGD 578 million ($428 million) in 2020. FPS is one of several initiatives that Hong Kong has rolled out as it vies to remain at the cusp of innovation in the financial services sector.

News source: South China Morning Post