Hong Kong Sees Increase of Fintech Adoption

The Hong Kong Monetary Authority shared that half of the population if the city has signed up for their Faster Payment System; the system allows for free transfers between bank accounts; officials at an annual conference put on by the Hong Kong government discussed how Hong Kong is moving into branchless banking, challenging the traditional banks who now must adapt; The payment system was first introduced in September 2018 and posts daily transaction volumes around $300 million. South China Morning Post

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