HKD real-time settlement system proves popular on first day

The Hong Kong Dollar Real-time General Settlement System, which was launched this Monday, recorded a total of HKD9.4 billion worth of transactions occurring in a single day, the Monetary Authority of Macao (AMCM) has announced.
The system is currently being used by 28 local banks. Described by the AMCM as safe and convenient, the system was built to support immediate settlement services for interbank fund transfers in the neighboring region’s currency.
It can also help shorten the time needed for interbank HKD transfers and establish the essential conditions for same-day bank-in transactions.
Most large-sum transactions in Macau are settled in Hong Kong dollars. For example, transactions of real estate, motor vehicles, gold products, and often electrical and digital appliances. All casinos house HKD-denominated tables as well.
Banks using the system will not be charged by the government for the service. According to the authority, signing up to use the system will allow banks to process standardized immediate interbank transfers in HKD.
Another advantage of the system, the authority explained, is that it will improve financial communications within the Greater Bay Area. A connection point has been saved in the system for future binding with similar systems in Hong Kong. In addition, a Guangdong-Macau direct electronic payment gateway will be established at the end of the year.
In previous years, the government established two similar systems to facilitate comparable functions. The two older systems settled transactions in the Macau pataca and Chinese yuan. AL