October 9, 2006 – SWIFT announced the Board of Directors of Hong Kong Interbank Clearing Limited (HKICL) and the Hong Kong Monetary Authority (HKMA) have chosen SWIFTNet as their messaging platform to replace their existing proprietary RTGS network. The move to SWIFTNet will make use of SWIFTNet FIN and FINCopy services for transactions input and [...]

China Unionpay is promoting a fixed-line phone payment service nationwide. The service requires users to purchase a new telephone called “Zhi Fu Yi” that enable users to swipe their Unionpay cards to access their bank accounts and to pay bills. China Unionpay has reached an agreement with Dangdang.com, one of the biggest online book stores [...]

Personal cheque cross-region clearing is expected to start on a trial basis in Guangdong Province later this year. PBOC’s Guangzhou branch confirmed the plan and details will be issued later.

The Industrial and Commercial Bank of China (ICBC) and Alibaba Group has teamed up to further promote the development of e-commerce and e-banking. An overall strategic co-operation deal was signed on Tuesday, which is an expansion of the two companies’ existing online payment partnership formed a year ago.

HSBC has become a Direct Participant of Hong Kong’s euro clearing system,enabling the bank to offer more efficient settlement of euro transactions for its corporate and commercial customers.

Bank of China has signed an agreement with remittance service provider BTS, a subsidiary of Spain’s second largest bank BBVA, to jointly launch a new product which will bring convenience to overseas Chinese who intend to send money home.

Bulk Electronic Payment System (BEPS), electronic inter-bank clearing and settlement system for low value transactions operated by People’s Bank of China (PBOC), started it’s trial operation this Monday in Beijing.