Payment news, August 31

HKMA chooses HSBC and Calypso

The Hong Kong Monetary Authority HKMA has appointed HSBC as the settlement institution for its US dollar clearing system. The five-year appointment is the third time that HSBC has been selected by HKMA for its clearing system.

“We remain committed to the continued development of the financial infrastructure in this region, especially with increasing cross-border payments across Greater China and within Asia,” Michael Velez, HSBC’s Hong Kong head of product management for global payments and cash management, said in a statement.

HKMA has also implemented Calypso’s full front-to-back trading and treasury management system. Calypso’s system will leverage functionality for many front-to-back office tasks, such as...