HKMA switches on SwiftNet



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