Hong Kong, Thailand launch cross-border QR payment service
HSBC and Bangkok Bank serve as settlement banks.
Hong Kong and Thailand have officially launched the FPS x PromptPay Link for cross-border QR payment between the two markets.
The initiative is expected to provide fast, secure, and easily accessible cross-border retail payment service to people travelling between the two markets.
They only need to use the Hong Kong FPS QR code and Thai PromptPay QR code displayed by merchants.
This initiative is made possible with the collaboration of various stakeholders from both jurisdictions under the joint stewardship of the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT). These include the Hong Kong Interbank Clearing Limited (HKICL) and the National ITMX (NITMX) as operators of the respective instant payment systems.
Meanwhile, HSBC Hong Kong and Bangkok Bank serve as settlement banks and are responsible for cross-border settlements for the service.
The full list of participating financial institutions can be found below.