September 29, 2017 / 6:23 AM / a year ago

BRIEF-Hong Kong Monetary Authority unveils initiatives for city's smart banking

Sept 29 (Reuters) - Hong Kong Monetary Authority

* Says to launch faster payment system (FPS) in september 2018

* Says it welcomes the introduction of virtual banks in Hong Kong and will consult the industry to review

* Says it aims to finalise the policy on open application programming interface (API) for banking sector by end of 2017

* Says it will strengthen efforts to collaborate with several authorities in other jurisdictions in the development of fintech, include cooperation with the Office of Financial Development Service of the Shenzhen Municipal Governme

Source text in English: (Reporting by Hong Kong newsroom)

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