Press Release. Code of Practice for Payment Card Scheme Operators. The Hong Kong Monetary Authority (HKMA) and eight credit and debit card

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1 Press Release 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 announced today (14 December) the launch of a Code of Practice for Payment Card Scheme Operators. 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. 1

2 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 underscores an important step in introducing a self-regulatory approach for the credit and debit card industry in Hong Kong, he said. The introduction of the Code is a major industry effort that contributes to the development of the payment industry in Hong Kong, bringing mutual benefits to consumers and card scheme operators. American Express will have policies in place to support the self-disciplinary approach in implementing the Code next year," said Mr Y.C. Koh, General Manager of American Express Hong Kong. The issuance of the Code will benefit the continuous development and prosperity of the credit and debit card industry. China UnionPay will conduct its business in full compliance with the Code in Hong Kong, said Mr Larry Wang, Deputy General Manager, China UnionPay Hong Kong Branch. Diners welcomes the launch of the Code and will fully comply with it, as keeping our customers and clients assets safe and secure is our utmost concern. We will continue to upgrade our security technology and look for innovative ways to protect our cardholders from unnecessary risks, said Mrs Ivy Lun, Director of Cards Business, Diners Club International (Hong Kong). The launch of the Code signifies the proactive effort made by all participating operators in promoting public confidence in the card industry. EPS Company is 2

3 pleased to work closely with the HKMA in reaching this goal. With this trust built, we firmly believe that acceptance of electronic card payment by the Hong Kong public will be accelerated, said Mr Raymond So, General Manager, EPS Company (HK) Limited. Taking advantage of its expertise and know-how, JCB will fully support the HKMA by complying with the Code. We hope our commitment will ultimately help to promote the general safety and efficiency of payment card operations in Hong Kong, said Mr Hitoshi Shioda, Managing Director of JCB International (Asia) Limited. We fully support the Code and believe it will help the general public to have greater confidence in using JETCO services, said Mr John Tsang, Deputy General Manager, Joint Electronic Teller Services Ltd. We believe that managing operational standards and security and risk is a corporate responsibility, and we take this responsibility very seriously. We fully support the establishment of the Code for the Hong Kong market," said Mr Danny Cheung, vice president and business manager, Greater China, MasterCard Worldwide. For over 30 years Visa has been dedicated to providing a convenient and secure payment system for our member financial institutions and Visa cardholders. This new Code is another example of how we take an active part in devising a sound framework with the objective of promoting the safety and security of payment card operations in Hong Kong, said Mr James Dixon, Country Manager Hong Kong and 3

4 Macau, Visa International. The Code, to be effective from 1 January 2007, is available to the public on the websites of the payment card scheme operators and the HKMA ( For further enquiries, please contact: Hong Kong Monetary Authority Sara Yip, Manager (Press), at (852) or Ying-ying Cheng, Manager (Press), at (852) American Express International Susanna Hui Tel: (852) susanna.s.hui@aexp.com Website: China UnionPay Roger Lee Tel: (852) rogerlee@chinaunionpay.com Website: Diners Club International (Hong Kong) 4

5 Prudence Lai Tel: (852) Website: EPS Company (Hong Kong) Limited Patrick Liu Tel: (852) Website: JCB International (Asia) Ltd Tony Wong Tel: (852) Website: JETCO John Tsang Tel: (852) Website: MasterCard International Inc. Danny Cheung 5

6 Tel: (852) Website: Visa International Service Association, Hong Kong Representative Office John Tang Tel: (852) Website: Winnie Lo, Ketchum Hong Kong for Visa International Tel: (852) Hong Kong Monetary Authority 14 December