Clifford Chance

Clifford Chance advises HSBC as sole settlement bank in Hong Kong for FPS and Thailand’s PromptPay QR payment programme

Global law firm Clifford Chance has advised The Hongkong and Shanghai Banking Corporation Limited (HSBC) on its appointment as the sole settlement bank in Hong Kong for ‘Faster Payment System (FPS) x PromptPay’, a cross-border QR payment linkage launched by the Hong Kong Monetary Authority and the Bank of Thailand.

The programme is a one-stop innovative, secure and cost-saving cross-border payment solution aimed at enhancing the retail payment experience for tourists to increase business opportunities in both regions. HSBC will also serve as one of the customer banks and merchant banks that facilitate Hong Kong tourists’ purchases at over eight million PromptPay-supported merchants in Thailand, and enable FPS-supported local merchants to collect payments from Thai visitors.

Partner Terry Yang led the deal with support from partner Rocky Mui, counsel Andre Da Roza, associates Jessy Cheng and Greg Chan. Additional expertise was provided by partner Lena Ng and associate Joel Sherard on Singapore law matters.

Terry said, “We are honoured to have supported in the design and implementation of this complex industry-level solution with our multi-jurisdictional expertise in financial transactions. With the growing need for secure and cost-effective cross-border payments in delivering premium customer service, this landmark initiative will not only enrich the offerings of financial institutions, but also benefit merchants and retail clients in Hong Kong and Thailand.”

Clifford Chance has a track record of advising on high-profile and complex cross-border projects in the region that involve key international payment firms and financial institutions, including advising blockchain payment network Partior on its Series A financing and fundraising round and JP Morgan and SBI Digital Asset Holdings on Singapore's first industry pilot for cross-currency transactions on tokenised deposits.