HKMA welcomes the additional payment arrangement for residential mortgage refinancing transactions

The Hong Kong Association of Banks (HKAB) announced today (7 November) the commencement of the additional payment arrangement for property transactions (PAPT) in respect of residential mortgage refinancing.  The Hong Kong Monetary Authority (HKMA) welcomes the announcement.

Further to the HKAB’s announcement this July on the plan to roll out PAPT, the HKMA has been working closely with the banking industry and other stakeholders with a view to ensuring smooth rollout.  As a result of the continuous effort made by various parties, mortgage banks started to provide customers with the option of PAPT today.  The HKMA would like to thank the banking industry and other stakeholders for their effort to bring this initiative into fruition.

PAPT can better facilitate the development of digital finance while strengthening protection of mortgage customers.  The HKMA encourages customers seeking mortgage refinancing to actively consider using PAPT.  The HKAB has developed an e-leaflet to facilitate customers’ understanding of PAPT.  Should customers have any enquiries, please contact the relevant mortgage banks.

Hong Kong Monetary Authority
7 November 2022