Hong Kong Payment Industry Overview
The Hong Kong payments market is competitive. The companies operating in the market are executing mergers, acquisitions, and strategic partnerships to gain market share. Significant players include HSBC, Bank of China, Bank of East Asia, and Standard Chartered Bank.
In September 2023, mPay Launched Cross-Border Payments in the Chinese Mainland and Hong Kong. The new service provides Macao residents with a more convenient electronic payment experience outside of Macao, in addition to the coverage of the cross-border payment business of mPay expanding to more than 40 countries overseas in the third or fourth quarter this year, thereby enabling a one-stop payment service from Macao to cross-border spending and creating a cross-border electronic payment ecosystem.
In December 2022, HSBC is committed to supporting and financing the transition to a secure net zero future. The revised policy applies to the entire energy system, including upstream oil and gas, oil and gas power generation, coal, hydrogen, renewables and hydropower, nuclear, biomass, and waste to energy.
Hong Kong Payment Market Leaders
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HSBC
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Bank of China
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The Bank of East Asia Limited (BEA)
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Standard Chartered Bank (HK) Limited
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Citibank
- *Disclaimer: Major Players sorted in no particular order
