# Authority In Hong Kong Is Testing Faster Payment System By Coinness Canonical URL: https://www.tokenpost.com/news/investing/7775 Published: 2021-03-26T07:58:03.000Z Updated: 2021-03-26T07:58:03.000Z Section: Investing > According to Xinhuanet, YU Weiwen, the President of Hong Kong Monetary Authority, said that the authority is testing Faster Payment System (FPS), a real-time gross settlement payment system in Hong Kong that connects … According to Xinhuanet, YU Weiwen, the President of Hong Kong Monetary Authority, said that the authority is testing Faster Payment System (FPS), a real-time gross settlement payment system in Hong Kong that connects traditional banks and electronic payment and digital wallet operators. At present, the first phase has been finished. During the next phase, the authority plans to expand to cover more banks. [Coinness]() ## Links in this article - [Coinness](https://coinness.com)