Ronick Chan urges Thailand to use the "FPS" for small transactions and to choose reputable merchants

The Hong Kong Monetary Authority has announced that, starting from December 4, Hong Kong's "FPS" (Faster Payment System) will be interconnected with Thailand's payment system, PromptPay. Financial Legislator Chan Chun-ying has issued a reminder that given that Hong Kong residents may not fully understand the situation in Thailand, it is advisable to use the "FPS" locally with reputable merchants and primarily for simple, small purchases. There is no need to significantly raise the registration limit for the system to prevent falling victim to fraud and reduce the risk of losses. He also emphasizes that the "FPS" enables instant transfers, and for larger purchases, it is recommended to use a credit card as a payment method, providing a means of recourse in case of issues. Chan Chun-ying believes that the Hong Kong Monetary Authority's decision to cooperate with Thailand stems from Hong Kong's ongoing "Currency Bridge" projects with mainland China, Thailand, and the United Arab Emirates, aimed at testing digital currency interoperability and settlement between central banks. This initiative has yielded successful results. Furthermore, he notes that the central banks of Hong Kong and Thailand have a history of long-term cooperation. To implement this approach effectively, there must be mature settlement experiences between the two regions. It is estimated that this may not be extended to other popular tourist destinations for Hong Kong residents in the next one or two years.