On December 14, 2006 the Hong Kong Monetary Authority (HKMA) and eight credit and debit card scheme operators in Hong Kong announced the launch of a Code of Practice for Payment Card Scheme Operators. The Code sets out general principles covering operational reliability, data and network security, and the efficiency and transparency of payment card operations in Hong Kong and will be effective from January 1, 2007.

The Code was drawn up by American Express International, Inc., China UnionPay Co. Ltd., Diners Club International (HK) Ltd., EPS Company (Hong Kong) Limited, JCB International (Asia) Ltd., Joint Electronic Teller Services Ltd. (JETCO), MasterCard International Inc. and Visa International Service Association, Hong Kong Representative Office with the objective of promoting the general safety and efficiency of payment card operations in Hong Kong and fostering public confidence in payment card operations. The HKMA has endorsed the Code.

Under the Code, all payment card scheme operators will be required to submit to the HKMA an annual self-assessment of their compliance with the Code and to report to the HKMA any incident which may have material and adverse impact on cardholders in Hong Kong. The Code is non-statutory, and the eight credit and debit card scheme operators have committed to adopt and comply with the Code.

HKMA Website

• New Credit Card Bulk Settlement Service For Hong Kong Dollar
• Hong Kong and Indonesia Launch New Cross-border PvP Link
• Beijing Development to Invest HK$500m for Smart Card Expansion
• Hong Kong and Malaysia Launch a New Cross-border Delivery-versus-payment Link
• Hong Kong, Malaysia launch a new cross-border PvP link
• Hong Kong Banking Community Chooses SWIFTNet
• Multi-currency Cross-border Payment Arrangements between the Mainland and Hong Kong
• HKMA re-appoints SCBHK as Settlement Institution for the Euro clearing system in Hong Kong