4.
Financial and Monetary Affairs
Stored Value Facilities and Retail Payment Systems
The Payment Systems and Stored Value Facilities Ordinance provides the regulatory regimes for stored value facilities (SVFs) and retail payment systems (RPSs). As at end-2019, the HKMA had issued 15 SVF licences, in addition to which three banks had rolled out SVFs. To promote the safety and efficiency of the local retail payment industry, the HKMA oversees six RPSS designated in accordance with the ordinance.
Faster Payment System
The Faster Payment System (FPS) has seen significant adoption since its launch in 2018. As at 31 December 2019, the number of participants had increased to 30 banks and 11 SVFs after nine banks, including virtual banks preparing to launch their services, and one SVF came on board during the year. The FPS had also recorded four million registrations and processed 44 million transactions involving HK$749 billion and RMB17 billion in total.
In December 2019, average daily turnover reached 168,000 transactions worth HK$2.4 billion and RMB38 million, compared with 51,000 transactions in October 2018, its first full month of operation. Since 1 November 2019, bills issued by the Inland Revenue Department, Rating and Valuation Department and Water Supplies Department have been printed with an FPS QR code and can be settled through the FPS with supporting mobile banking or SVF e-wallet apps.
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 $38.2 trillion as at end-2019, fifth in the world and third in Asia, and equivalent to about 13 times Hong Kong's Gross Domestic Product. At the end of the year, 2,449 companies were listed on the SEHK, representing a wide range of industries from finance and property to consumer goods, information technology and telecommunications.
Stock Market Capitalisation
Chart 2
40,000
35,000
38,165
30,000
HK$ Billion
25,000
33,999
29,909
20,000
24,684
24,761
15,000
10,000
5,000
0
2015
2016
2017
2018
2019
Year
64
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