Chong Hing Bank has selected J.P. Morgan’s Interbank Information Network (IIN SM) to exchange payments-related information with other financial institutions, the first bank based in Hong Kong and the Asia Pacific to do so.
Developed by J.P. Morgan, IIN SM is a distributed peer-to-peer platform that minimises friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps.
Chong Hing Bank is among more than 250 banks globally that have signed up to be part of IIN SM since the network’s launch as a pilot in 2017.
Edward Chiu, executive vice president and COO at Chong Hing Bank, said: “As a fast-growing bank in Hong Kong and other cities in the Greater Bay Area, we have undergone significant digital transformation in recent years and will continue to add new technologies to create real value to our daily operations.”
He added: “We are excited to be the first bank in the Asia Pacific region to be connected to IIN SM and look forward to a closer partnership with J.P. Morgan on the implementation and exploring applications as part of the network to better serve our customers.”
Kiat Seng Lim, global head of financial institutions group sales for treasury services at J.P. Morgan, commented: “We are pleased to have Chong Hing Bank connected to IIN SM and as more banks join the network, our clients will benefit from faster payment processes and less operational expense.”
