🇹🇼 FISC vs 🇭🇰 FPS

Taiwan vs Hong Kong · Real-time payment systems compared

🇹🇼 FISC

Taiwan

2025 Transactions1.4 billion

2025 Value (USD)$7.6tn

Volume YoY+3.6%

Launched1991

OperatorFISC

SettlementNear-instant

🇭🇰 FPS

Hong Kong

2025 Transactions868.0 million

2025 Value (USD)$1.1tn

Volume YoY+21.4%

Launched2018

OperatorHKMA

SettlementInstant

Key differences

FISC processes 1.7× more transactions than FPS (1.4 billion vs 868.0 million in 2025).
FPS is growing faster year-on-year (21.4% vs 3.6%, a 17.8 point gap).
FISC (1991) predates FPS (2018) by 27 years.
Settlement: FISC is near-instant, FPS is instant.
FISC uniquely supports QR code payments.
FPS uniquely supports ISO 20022, proxy/alias lookup.

Infrastructure comparison

Capability	FISC	FPS
QR Code Payments	✓	◐
Wallet Support	—	—
24/7 Availability	✓	✓
Cross-Border	◐	◐
ISO 20022	◐	✓
Request to Pay	—	—
Open API	◐	◐
Alias/Proxy	◐	✓

About each system

FISC

Taiwan's shared interbank real-time rail, operated by FISC (Financial Information Service Co.). Carries both institutional flows and consumer traffic — real-time transfers in every Taiwanese bank's mobile app, any-bank ATM withdrawals, and TWQR merchant payments. TWQR is FISC's national interoperable QR-code standard (launched 2019), used by consumer wallets Line Pay Money, JKO Pay, iPass Money and Pi 拍錢包. Live 24/7 since 1991, connecting 107 institutions, handling TWD plus five foreign currencies (USD, RMB, JPY, EUR, AUD). Settles through the CBC's RTGS.

FPS

Hong Kong's Faster Payment System enables 24/7 real-time transfers in both HKD and RMB between banks and stored-value facilities. Uniquely dual-currency by design, it supports proxy-based addressing via mobile number, email, or FPS ID. Operated by HKMA with settlement through the CHATS RTGS system, it has become the backbone of Hong Kong's digital payment ecosystem with 12M+ registrations.