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HK-Thai payment link launched

July 28, 2014

The Hong Kong Monetary Authority and Bank of Thailand today launched a new cross-border payment-versus-payment, or PvP, link between Hong Kong’s US dollar and Thailand’s baht real-time settlement systems.

 

The link will ensure simultaneous delivery of currencies and eliminate settlement risk in foreign-exchange transactions.

 

Banks in Thailand can better manage their counterparty risks and enhance their operational efficiency in settling transactions during Asian hours.

 

Banks in Hong Kong will find new correspondent banking opportunities to serve Thai banks.

 

"This new PvP link provides a safer and more efficient arrangement for settling foreign-exchange transactions,” said the authority’s deputy Chief Executive Peter Pang.

 

"This link sets another excellent example of central bank co-operation to provide solutions to enhance regional financial stability and meet market needs."

 

Bank of Thailand Deputy Governor Krirk Vanikkul said participating banks will have a secure platform to manage their foreign-exchange settlement risk which leads to the risk mitigation in the banking system.

 

"This new link also promotes the efficiency and credibility of payment systems in Thailand by having reliable payment infrastructure in line with international standard,” he added.



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