Application Status and Challenges of Blockchain Technology in Cross-Border Payment in Hong Kong:Comparative Analysis Based on Cases of SWIFT and Local Banks

Jiawei Li

doi:10.47297/wspdecWSP2515-797313.20250906

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Application Status and Challenges of Blockchain Technology in Cross-Border Payment in Hong Kong:Comparative Analysis Based on Cases of SWIFT and Local Banks

Volume 9, Issue 6

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Application Status and Challenges of Blockchain Technology in Cross-Border Payment in Hong Kong:Comparative Analysis Based on Cases of SWIFT and Local Banks
Application Status and Challenges of Blockchain Technology in Cross-Border Payment in Hong Kong:Comparative Analysis Based on Cases of SWIFT and Local Banks
College of Economics and Management, South China Agricultural University, Guangzhou, Guangdong, 510640, China
Vol. 9, Issue 6, Pages: 67-70(2025)
Published：30 June 2025
DOI：10.47297/wspdecWSP2515-797313.20250906
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Li Jiawei.Application Status and Challenges of Blockchain Technology in Cross-Border Payment in Hong Kong:Comparative Analysis Based on Cases of SWIFT and Local Banks[J].Development Economics of China,2025,09(06):67-70.
DOI：

Li Jiawei.Application Status and Challenges of Blockchain Technology in Cross-Border Payment in Hong Kong:Comparative Analysis Based on Cases of SWIFT and Local Banks[J].Development Economics of China,2025,09(06):67-70. DOI： 10.47297/wspdecWSP2515-797313.20250906.

摘要

Abstract

As an international financial center

Hong Kong

China has a strong demand for cross-border payment. Although SWIFT

the current mainstream payment system

has the advantages of simple operation and safe process

it still has problems such as low settlement efficiency and high cost. The launch of SWIFT GPI has improved these problems to a certain extent

and blockchain technology has brought new possibilities for cross-border payment by virtue of its decentralized features. Through theoretical and empirical comparison

this study analyzes the "efficiency-cost-risk" performance of traditional SWIFT

SWIFT GPI and blockchain technology in cross-border payment in Hong Kong

China and discusses the feasibility of blockchain replacement based on the "technology-regulation-society" dimension. Theoretically

blockchain has obvious advantages in efficiency (near real-time delivery) and cost (significantly lower than SWIFT)

but there are technical

regulatory

privacy and other risks. The efficiency and cost of SWIFT GPI are better than those of traditional SWIFT

but still inferior to blockchain. Taking Hong Kong

China HSBC as an example

the same transaction conditions are selected to compare the three: the total cost of traditional SWIFT is 850.88HKD

and the time limit is 2-5 working days; The total cost of SWIFT GPI is 450.34HKD

and the time limit is 1-3 hours. The total cost of the blockchain-based mBridge project is less than 0.78HKD

and the time limit is 6-9 seconds

which further confirms the theoretical analysis. The study found that the application of blockchain in cross-border payment in Hong Kong

China faces challenges such as technology (throughput limitation

difficult to upgrade and maintain)

policy (conflict with privacy regulations

cross-border regulatory differences)

and market (low acceptance). Based on this

some suggestions are put forward

such as "blockchain +SWIFT" hybrid architecture

revision of relevant regulations

establishment of innovation special zone

etc.

to provide reference for improving cross-border payment system and developing fintech in Hong Kong

China.

关键词

Keywords

references

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