Treasury best practice: Pushing digitalization
A look into how The Hong Kong Jockey Club is enhancing the customer experience
7 Jul 2020 | The Asset

With a goal of becoming a more digitally focused organization, The Hong Kong Jockey Club (HKJC) embarked on a mission to make it easier for customers to execute wagering transactions. Leveraging on Hong Kong’s Faster Payments System (FPS), the HKJC alongside its partner Standard Chartered crafted a new channel in which their customers could easily top up balances on HKJC’s apps.

Rather than going to physical HKJC branches to place wagers customers are now able to do a fund transfers instantly in a secured manner from their respective accounts. Through APIs (application programming interfaces) HKJC’s apps are able to send withdrawal instructions automatically to Standard Chartered which in turn works interacts with FPS’s clearing system to debit funds from a user’s particular account.

HKJC’s FPS service allows customers to authorize transactions via biometrics either with fingerprint or facial identification. To date HKJC’ FPS service is connected with 15 banks with a plan to expand the network to more virtual banks and stored value facilities. With already 75% of waging of transactions online, the HKJC aims to encourage additional digital engagement via the FPS service in the near future.

HKJC wins the Best Payments and Collections Solution, Hong Kong within the Digital Solutions section of The Asset Triple A Treasury, Trade, Sustainable Supply Chain and Risk Management Awards 2020. To see the full list of Digital Solution winners please click here.

For more information about the awards please click here.