Review of Retail Payments announced by HKMA
The Hong Kong Monetary Authority (HKMA) today (1 August) announced that it will conduct a comprehensive review of retail payments services in Hong Kong. The review will examine in detail the various channels through which retail payments are made and the likely future trends in their utilisation, including the further development of electronic money. It will consider what risks may arise in the operation of these services, whether to the user, to the stability of Hong Kong's financial system, or to public confidence. It will also examine the efficiency, pricing and costs, degree of market access, and level of competition present in the provision of retail payment services and assess whether there are any significant concerns in these areas.
The Review of Retail Payments will be conducted by a working group set up within the HKMA, which will determine the timing and programme of the review and whether external consultants will need to be engaged to assist in the review. The working group will be chaired by Mr James Lau, Executive Director (Monetary Policy & Markets). The Terms of Reference for the review are at Annex A.
"There have been considerable advances in recent years in the technologies available for retail payments, and, consequently, a growing number of different retail payment systems are now available to consumers in Hong Kong," said Mr Tony Latter, Deputy Chief Executive of the HKMA. "The HKMA wishes to learn more about these trends, and about their implications both for the financial system as a whole and for the individual consumer. The review will, among other things, help us determine whether a more developed framework is necessary for overseeing retail payment systems," Mr Latter added.
For further enquiries, please contact:
Caitlin Wong, Manager (Press), at 2878 1687 or
Jasmin Fung, Manager (Press), at 2878 8246
Hong Kong Monetary Authority
1 August 2000