The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) jointly hosted the Electronic Cheque (e-Cheque) service launching ceremony today to mark the launch of the e-Cheque service by the banking sector on 7 December 2015. The ceremony was attended by the representatives from the Office of the Government Chief Information Officer, the Inland Revenue Department and the Treasury of the HKSAR Government, and the major banks in Hong Kong.
Hong Kong is a pioneer in the implementation of an end-to-end e-Cheque service on an industry-wide basis. With the new e-Cheque Drop Box service developed by Hong Kong Interbank Clearing Limited (HKICL), over 150 banks now have the capability to receive and process e-Cheque from their customers through the Internet and mobile channels.
According to the relevant banks and HKICL, the number of bank customers subscribing the e-Cheque issuance service and the e-Cheque Drop Box service has steadily increased since 7 December 2015. Besides, the operations of the e-Cheque infrastructure have been smooth and robust.
Mr Norman Chan, Chief Executive of the HKMA, said, “The launch of the e-Cheque reflects the continuous effort of banks in Hong Kong to provide a wide range of payment services. It also signifies the HKMA’s commitment in promoting the efficiency and modernisation of Hong Kong's financial infrastructure.”
Mr Chan also said, “The e-Cheque is only at the beginning of its development. The HKMA will continue to explore ways of expanding its application in two areas. The first one is cross-border transactions. We will explore with the Guangzhou and Shenzhen branches of The People’s Bank of China, and the Monetary Authority of Macao with a view to promoting the use and clearing of cross-border e-Cheques. The second is the development of e-commerce. We will explore with the banking industry the use of e-Cheques in supporting online payment and shopping portals. While offering an additional option of payment for online shoppers, e-Cheques can also increase the efficiency of e-commerce operations.”
Ms Helen Wong, Chairperson of the HKAB, said, “The e-Cheque service offers an environmentally-friendly, cost-effective, safe and fast solution to enterprises and the public for handling payments. The Association believes that the launch of the e-Cheque service will directly strengthen the competitiveness of the banking sector in Hong Kong and further reinforce Hong Kong's status as an international financial centre. I would like to congratulate the industry and thank all the e-Cheque Taskforce members and related parties for their hard work over two years and their contribution to the successful launch of the e-Cheque service. We look forward to seeing more banks to join the issuance service next year.”
Bank customers are encouraged to contact their banks directly for the details of the e-Cheque service. More information of the e-Cheque can also be found in the attached leaflet.
The Hong Kong Monetary Authority
11 December 2015
Mr. Norman Chan, Chief Executive of the Hong Kong Monetary Authority, visits the demonstration booth of the e-Cheque Drop Box service developed by Hong Kong Interbank Clearing Limited.
Mr. Norman Chan, Chief Executive of the Hong Kong Monetary Authority, gives a speech at the Electronic Cheque (e-Cheque) Service Launching Ceremony.
(From left to right) Mr. Allen Yeung, Government Chief Information Officer, the HKSAR Government , Mr. Norman Chan, Chief Executive of the Hong Kong Monetary Authority and Ms. Helen Wong, Chairperson of the Hong Kong Association of Banks, officiate at the e-Cheque service lighting ceremony.