Reported by: banking|Updated: September 23, 2016
HSBC is expected to launch a new mobile peer-to-peer payment system. The new ‘easy pay’ system will function within HSBC’s existing mobile application and will allow users to transfer funds instantaneously. It will only require knowledge of the recipient’s mobile phone number to transfer the money. The bank is also readying to roll out its new internet banking services in Hong Kong and a new stand-alone mobile application for stock trading. These initiatives are part of an ongoing transformation program in the bank to take on competition from other traditional banks as well as fintech startups who are able to move far more quickly, and other companies moving into the financial services space.