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Emil Chan
Unleashing the O2O Business when the Local Mobile Payment Services are Taking off
9 Oct 2015
Innovation of Electronic Retail Payment Systems
Year Innovation
1980 ETC
1982 JETCO
1985 EPS
1993 PPS
1996 RTGS
1997 Octopus
The Innovation of Octopus in last 20 years
Year Innovation
1994 Proposed by MTRC
1997 Used on MTR, buses and ferries
2000 Accepted by 7-11
2006 Citybank issued Built-in Octopus Visa Cards
2010 Selling of Customer Database
2014 Support AliPay with Mobile App
HKMA’s roles on FinTech
As a facilitator
• E-bill presentment and payment platform
• E-cheque
• NFC Mobile payment
The Project Schedule of eCheck
Major Milestone Start EndPublic Consultation Jun 2012System Development Mar 2014 May 2015Internal Test Jun 2015 Sep 2015Member Bank Test Aug 2015 Sep 2015Simulation Test Sep 2015 Nov 2015Soft Launch 12 Dec 2015Public Launch 31 Mar 2016
HKMA’s roles on FinTech
As a regulator
• Proposed a regulatory regime for Stored Value Facilities (SVFs) and Retail Payment Systems (RPSs)
Licensing regime for SVF • Propose to implement a licensing regime, covering device‐based (e.g. stored value
cards) and non‐device based (e.g. online stored value account) multipurpose SVF, to ensure the safety and soundness of issuers, and protection of users’ float
• Issuing SVF without a licence will be a criminal offence
• No licence is required for single‐purpose SVF
• The Hong Kong Monetary Authority (“HKMA”) may exempt the following SVF from applying for a licence - SVF for use within, or within close proximity to, the issuer’s premises; or- SVF for purchasing limited range of goods or services from a limited group of goods and services providers
• As licensed banks are already subject to regulation under BO, they are deemed to be licensed to issue SVF
Designation regime for RPS • Operate and provide retail payment services in Hong Kong;
or process Hong Kong dollar or other prescribed currencies (e.g. RMB, USD)
• A RPS may be designated if any disruptions to the RPS have implications to the monetary or financial stability of Hong Kong; public confidence in payment systems or the financial system of Hong Kong; or day-to-day commercial activities in Hong Kong
• Potential Coverage include: Credit card schemes, Debit card schemes, Merchant acquirers, Payment gateways
Objectives of the regulatory regime • ensure the safety and soundness of the operation of SVF and
RPS in Hong Kong;
• ensure adequate protection and no misappropriation of float of SVF;
• foster innovation in retail payment products and services in Hong Kong by providing clarity in the legislation and a level playing field for market participants; and
• maintain Hong Kong’s status as an international financial centre, by putting the retail payment legislation on par with what other major financial centres are pursuing.
Status of Legislation • The Clearing and Settlement Systems (Amendment)
Bill 2015 gazetted on 23 January 2015
• The Bill was introduced into the Legislative Council for first reading on February 4, 2015
• Bills Committee on Clearing and Settlement Systems (Amendment) Bill 2015 – First meeting on Monday, 2 March 2015
• Target completion of legislation: end of 2015
Benefits to FinTech development By introducing the regulation, we can
• provide clarity in the legislation;
• provide a level playing field for market participants; andmaintain Hong Kong’s status as an international financial centre;
Benefits to FinTech development
• foster innovation in retail payment products and services in Hong Kong
• attract more e-money issuers to establish business in HKcreate more opportunities for IT support and security services companies in HK
9 Banks With iPhone Remote Check Deposit Apps - APPS MOBILE 06/13/2011
• According to a recent Federal study, the use of paper checks have declined 7.1% since 2006 thanks to a 45% growth in electronic payments; but that doesn’t mean we are done with good old-fashioned paper checks that account for 24.5 billion in annual payments
• Odds are no matter how digital you make your life you’ll still receive a few paper checks each year. With this in mind, we found 9 banks that will let you use your iPhone camera to remotely deposit your check, no matter where you are
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