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HKMA Executive Director Recommends Prioritizing Use of 'PAPT'
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Citizens should prioritize using Payment Arrangements for Property Transactions (PAPT) when signing provisional agreements for property transactions, Alan Au, Executive Director (Banking Conduct) of the Hong Kong Monetary Authority (HKMA), advised. Even if they later switch to traditional payment methods, changes can be made within eight working days. However, if traditional payment is chosen initially and then switched to PAPT, it may take longer although feasible in principle. He emphasized that the entire framework is flexible. When asked whether incentives would be offered to encourage the use of PAPT, Mina Lau, Deputy General Manager, Personal Digital Financial Products Department at BOC HONG KONG (02388.HK), replied that different banks offer various mortgage incentives to customers. HKMA's Au stressed that the main advantage of the platform is not from the perspective of incentives, but it is about transaction security, convenience, and quicker receipt of funds in the long term. AASTOCKS Financial News Website: www.aastocks.com |
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