Hong Kong has entered the second phase of testing for the e-CNY, incorporating a local payment system, a government official said.
Hong Kong has already entered the second phase of technical testing for the e-CNY as it incorporates a predominant local payment system, a government official said.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
Christopher Hui, Secretary for Hong Kong’s Financial Services and the Treasury, said at a fintech event today that the Hong Kong Monetary Authority, the region's de facto central bank, and the People’s Bank of China have completed the initial technical tests for cross-border payments using the digital yuan in Hong Kong.
"Currently, they are conducting the second phase of the technical trial, involving more Hong Kong banks and testing the digital yuan wallet’s top-up function through the Faster Payment System," Hui said.in 2018. It allows for cross-bank Hong Kong dollar or Chinese yuan payments by simply entering the mobile phone number or email address of the recipient.
In the second quarter of this year, the FPS processed about HK$1 billion of Hong Kong dollar payments, up from HK$669.6 million in the same period last year, according toHui added that the digital yuan — or the e-CNY — is expected to"provide a secure, convenient and innovative option for cross-border retail consumption for residents in both regions."
"It will enhance the efficiency of cross-border payment services and user experience, promoting connectivity in the Greater Bay Area of Guangdong, Hong Kong and Macau," he continued.
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