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Hong Kong Monetary Authority announces Code of Practice for Payment Card Scheme Operators

The Hong Kong Monetary Authority (HKMA) and eight credit and debit card scheme operators in Hong Kong have announced the launch of a Code of Practice for Payment Card Scheme Operators. The Code will be effective from 1 January 2007

The Code was drawn up by American Express International, Inc., China UnionPay Co. Ltd., Diners Club International (HK) Ltd., EPS Company (Hong Kong) Limited, JCB International (Asia) Ltd., Joint Electronic Teller Services Ltd. (JETCO), MasterCard International Inc. and Visa International Service Association, Hong Kong Representative Office with the objective of promoting the general safety and efficiency of payment card operations in Hong Kong and fostering public confidence in payment card operations. The HKMA has endorsed the Code.

The Code sets out general principles covering, among others, operational reliability, data and network security, and the efficiency and transparency of payment card operations in Hong Kong. Under the Code, all payment card scheme operators will be required to submit to the HKMA an annual self-assessment of their compliance with the Code and to report to the HKMA any incident which may have material and adverse impact on cardholders in Hong Kong. The Code is non-statutory, and the eight credit and debit card scheme operators have committed to adopt and comply with the Code.

Mr Raymond Li, Executive Director (Banking Development) of the HKMA welcomed the issuance of the Code. “The Code will help foster public confidence in using credit and debit cards in Hong Kong. It also represents an important milestone in introducing an industry oversight mechanism for credit and debit card operators,” he said.

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