HKMA switches on SwiftNet

News

p8-lee-jpg

The Hong Kong Monetary Authority (HKMA) has moved to the SwiftNet system as Hong Kong's financial messaging platform for automated transfer payments. Previously the HKMA had used a proprietary network.

The HKMA and Hong Kong Interbank Clearing decided in 2006 they would implement the new open platform and replace their proprietary platform.

"This is a classic example of why a market infrastructure moves from a proprietary platform to Swift," says Esmond Lee, executive director of the HKMA's fina