The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) announced the official launch of “Payment Connect,” a new real-time cross-boundary payment link between Hong Kong and Mainland China, set to go live on June 22, 2025.
The new initiative connects Hong Kong’s Faster Payment System (FPS) with Mainland China’s Internet Banking Payment System (IBPS), enabling individuals and institutions in both markets to send small-value remittances in real time using only a recipient’s mobile number or account details.
A launch ceremony was held in Beijing, attended by senior officials including PBoC Governor Pan Gongsheng, HKMA Chief Executive Eddie Yue, and representatives from participating financial institutions.
The event marked the start of a gradual rollout by six banks and institutions from each jurisdiction, with further expansion expected over time.
Payment Connect is designed to offer a faster, more convenient alternative to traditional cross-border banking services.
The link aims to support the daily payment needs of residents, facilitate greater financial integration between the Mainland and Hong Kong, and enhance Hong Kong’s role as a leading offshore Renminbi hub.
The Mainland’s IBPS, operated by the China National Clearing Center under the guidance of the PBoC, enables real-time cross-bank transactions via mobile and online banking.
Hong Kong’s FPS, launched in 2018, supports 24/7 instant transfers across banks and stored-value facilities using mobile numbers or email addresses.
By bridging the two systems, Payment Connect offers secure, real-time settlement and aims to improve cross-boundary efficiency for consumers, workers, and businesses.
The initiative is also seen as a step forward in deepening financial connectivity under the Greater Bay Area development framework.
Authorities said the collaboration marks a milestone in cross-border fintech infrastructure and demonstrates both sides’ commitment to financial innovation and integration.
Business News Asia