Hongkongers and mainland residents jumped at the chance to send money across the border via a new electronic payment service on its first day of operation on Sunday. The so-called Payment Connect was operating smoothly, with 6,900 Northbound and 19,000 Southbound transactions as of 6pm, according to a spokesperson for the Hong Kong Monetary Authority…
A mainland Chinese bank in Hong Kong is investigating unauthorised transactions on the Faster Payment System (FPS) involving one of its clients, the Post has learned, with experts saying breaches on the widely used platform are uncommon and may involve hacking. A client of the China Construction Bank (Asia) in Hong Kong told the Post…
Hong Kong’s monetary authority kept its key interest rate unchanged in lockstep with the US Federal Reserve, taking a breather after last year’s three cuts, in the first monetary policy decision of 2025. The Hong Kong Monetary Authority (HKMA) maintained its base rate at 4.75 per cent on Thursday, in line with market expectations. Hours…
Hong Kong and its tech-savvy residents may have fully embraced digital banking, but companies continue to offer unique and fancy red envelopes, or lai see packets, to clients as an inexpensive way to promote their brand and business. HSBC and ICBC (Asia) have taken the opportunity presented by the Year of the Snake starting on…
The new cycle of interest rate cuts spurred by the US Federal Reserve failed to lift Hong Kong’s secondary property market over the weekend, as cautious buyers from the mainland stayed on the sidelines. Only seven deals got done over the weekend, a decline of 53.3 per cent from a week earlier, marking a new…