Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
375.0271

Press Releases

Designation of retail payment systems

The Hong Kong Monetary Authority announced today (4 August 2017) that the Monetary Authority (“MA”) has designated retailed payment systems operated by Visa, Mastercard, UnionPay International and American Express for the processing of payment transactions involving participants in Hong Kong (designated systems) under the Payment Systems and Stored Value Facilities Ordinance (the Ordinance).

The MA has also declared under the Ordinance that the following activities are allowed to be carried out through the respective designated systems, subject to the compliance with the applicable legal and regulatory requirements including without limitation the Personal Data (Privacy) Ordinance:

    (i)

routing of payment information and related data to facilitate processing of payment transactions;

    (ii)

authorization, clearing and settlement of payment transactions;

    (iii)

provision of payment solutions to enable processing of payment transactions arising from various payment modes;

    (iv)

other activities or services carried out through the system which are ancillary or incidental to (i) to (iii) above; and

    (v)

payment related data analysis.


Mr Norman Chan, Chief Executive of the HKMA, said, “Implementation of the designation regime for retail payment systems will enhance the operating standards of the local retail payment industry.  It will also help strengthen public confidence in the payment systems and facilitate the development of fintech in Hong Kong.  The HKMA will, in collaboration with the relevant operators, ensure safe and efficient operation of the designated systems.”

In accordance with the powers vested under the Ordinance, the MA has designated four systems which are of significant public interest.  The designation of the systems and declaration of activities take effect today (4 August 2017).  The designated systems shall comply with the obligations imposed under the Ordinance and are subject to the oversight of the HKMA. 

 

Hong Kong Monetary Authority
4 August 2017

Last revision date: 4 August 2017
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery