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Launch of faster payment system

The Hong Kong Monetary Authority on Monday announced the launch of a faster payment system to boost the use of new financial technologies. The system supports not only Hong Kong dollar payments but renminbi payments. From Monday, citizens began registering their mobile phone number or email address with the system as an account proxy for receiving funds. From Sept 30, the public will be able to make transfers or receive funds using the system. Currently, a total of 21 banks in Hong Kong have participated in the system to provide services for their customers.

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