4
Financial and Monetary Affairs
had issued 13 SVF licences, in addition to which three banks had rolled out SVFs. The SVF industry continued to grow during the year as the licensees launched new products and services, offering consumers and merchants more choices and convenience. To promote the safety and efficiency of the local retail payment industry, the HKMA designated two more RPSS under the ordinance in August, bringing a total of six RPSS under its regulatory oversight.
Faster Payment System
The Faster Payment System (FPS) was launched in September. It supports instant payment in both the HKD and the RMB round the clock. Users can easily transfer funds 24/7 across different banks and SVFs by entering the mobile phone number or email address, instead of the account number, of the recipient.
By providing an open platform for access by banks and SVF operators, the FPS creates a level playing field, thus encouraging innovation and healthy competition among payment service providers while offering the public an efficient and user-friendly service. All the participating banks and SVF operators waive their fees for small-value peer-to-peer transfers, which promotes the adoption of electronic payment.
As at 31 December, the FPS had recorded 21 participating banks and 10 SVF operators, over two million registrations, and over 4.8 million transactions involving more than $104 billion and RMB2.75 billion.
Fund-raising Centre
Securities and Futures Markets
Hong Kong's securities market is operated by the SEHK and its futures market by the Hong Kong Futures Exchange (HKFE), both wholly owned subsidiaries of the HKEX. The city's stock market capitalisation totalled about $29.9 trillion as at end-2018, fifth in the world and third in Asia, and equivalent to about 10 times Hong Kong's Gross Domestic Product. At the end of the year, 2,315 companies were listed on the SEHK, representing a wide range of industries from finance and property to consumer goods, information technology and telecommunications.
Stock Market Capitalisation
Chart 2
35,000
30,000
HK$ Billion
25,000
25,072
24,684
24,761
20,000
15,000
10,000
5,000
33,999
29,909
0
2014
2015
2016
2017
2018
Year
60
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