Global financial settlement network EMQ has announced the addition of Hong Kong’s Faster Payment System (FPS) to its network.
The addition will enable international customers to send remittances to beneficiaries in Hong Kong in minutes. The use of FPS will support fund transfers in Hong Kong Dollar (HKD) and Renminbi (RMB) across all banks in Hong Kong.
EMQ co-founder and CEO Max Liu said: “Across the global payments landscape, digital transformation is driving a paradigm shift in customer expectations for an agile network infrastructure like EMQ that facilitates near real-time cross-border payouts in local currencies with an intuitive international payments experience.
“By connecting EMQ’s global network to Faster Payment System in Hong Kong, we are able to provide increased access to the global payments ecosystem while helping our customers and partners tap into new markets.”
The service is already live in Hong Kong.
Liu added: “With our long-standing commitment to the Hong Kong community, we continue to put innovation at our core to enhance our network capabilities and deliver value-added solutions with ‘in minutes’ service levels for our customers.
“We look forward to helping our global customers expand into this high growth market while connecting local enterprises to over 80 markets across our global network.”
EMQ’s network provides a cross-border settlement solution for businesses in compliance to all regulations in different markets.
Recently, Canadian foreign exchange and payment services provider Vancouver Bullion & Currency Exchange (VBCE) partnered with EMQ to facilitate near real-time cross-border payments.