Clearing System in Hong Kong
RTGS (Real Time Gross Settlement System)
The RTGS system facilitates the settlement of interbank fund transfer on an individual and gross basis. It also facilitates real time Delivery versus Payment and real time Payment versus Payment through domestic and international linkages.
HKD Clearing System in Hong Kong
The HKD RTGS system started operating in 1996 and provides the money settlement platform for interbank payments as well as major retail payments in Hong Kong. Under the HKD RTGS system, all member banks maintain Settlement Accounts directly with the Hong Kong Monetary Authority ("HKMA"). Interbank payments are settled across the books of the HKMA on a real-time basis.
read moreUSD Clearing System in Hong Kong
The USD clearing system was introduced on 21 August 2000. It is built on the same infrastructure and operates in the same manner as the HKD clearing system. The HKMA appointed the Hongkong and Shanghai Banking Corporation Limited as the Settlement Institution (“SI”) for the USD clearing system in Hong Kong.
read moreEuro Clearing System in Hong Kong
Following the launch of USD clearing in August 2000, the Euro clearing was introduced on 28 April 2003. The HKMA appointed Standard Chartered Bank (Hong Kong) Limited as the SI for the Euro clearing system in Hong Kong.
read moreRenminbi Clearing System in Hong Kong
To cater for the expansion of Renminbi banking business in Hong Kong, Hong Kong Interbank Clearing Limited (“HKICL”) was engaged by Bank of China (Hong Kong) Limited, the Clearing Bank for RMB business in Hong Kong, to develop a Renminbi Settlement System, which was launched on 6 March 2006.
read moreCMU (Central Moneymarkets Unit)
HKICL also operates the computer system of the Central Moneymarkets Unit (CMU), a central clearing and settlement system for public and private debt securities, on behalf of the HKMA.
read moreBulk Clearing Services
CLG (Cheque Clearing)
HKICL provides CLG service to all members of the Hong Kong Association of Banks (“HKAB”) i.e. licensed banks in Hong Kong, for the clearing of interbank paper instruments in HKD, USD and RMB received from their customers.
read moreECG (Electronic Clearing)
HKICL provides ECG service for the clearing and settlement of various types of small-value electronic payments.
read moreOther Settlement & Clearing Serivces
CCASS Real Time Delivery vs. Payment
HKICL provides money settlement services to the Central Clearing and Settlement System (“CCASS”), operated by the Hong Kong Securities Clearing Company Limited, a wholly owned subsidiary of the Hong Kong Exchanges and Clearing Limited (“HKEx”).
read morePayment versus. Payment (PvP)
A mechanism in a foreign exchange settlement system to ensure that a transfer of one currency occurs only if a transfer of the other currency or currencies also takes place, which will be final and irrevocable.
read moreFinancial Technology Services
Commercial Data Interchange
Commercial Data Interchange is a blockchain-based trusted activity-journal infrastructure to facilitate not only connection with blockchain-based and non-blockchain-based applications, but also exchange of commercial data among data owners, data providers and data consumers.
read moreCredit Reference Platform
By using distributed ledger technology (DLT), big data architecture and API, Credit Reference Platform aims to facilitate the exchange of encrypted consumer credit-related information between participating credit providers and selected credit reference agencies (CRAs).
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