Standard Chartered Bank Hong Kong (SCBHK) has joined the first group of banks in Hong Kong to roll out cross-border payment services via the Faster Payment System (FPS) for offshore financial institutions and paytech firms.

The service, effective immediately, enables real-time, 24/7 cross-border payments of up to HKD or CNY 1 million to local recipients in Hong Kong, including on public holidays.

Transactions above this threshold will continue to settle through the Real-Time Gross Settlement system (RTGS).

Under the model, SCBHK acts as a correspondent bank, receiving cross-border payments via SWIFT from offshore institutions and paytech firms.

It then processes credit transfers to local beneficiaries through FPS, replacing RTGS as the default channel for lower-value payments.

Anthony Lin, Head of Transaction Banking, Hong Kong and Greater China & North Asia, and Global Head of Market Management at Standard Chartered, said:

“SCBHK is proud to be one of the first batch of banks in Hong Kong to introduce this FPS cross-border payment service, facilitating fast, convenient, round-the-clock and secure cross-border payment settlement at lower costs for offshore financial institutions and paytech firms.”

Featured image credit: Edited by Fintech News Hong Kong, based on image by Standard Chartered and alidrian via Freepik