China CITIC Bank International Limited (CNCBI) has announced it will introduce services and a customer offer related to Payment Connect, a system implemented by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC).
The initiative aims to strengthen economic cooperation and exchanges between mainland China and Hong Kong.
To enhance financial connectivity, the HKMA and PBoC have launched measures linking mainland China’s Internet Banking Payment System with Hong Kong’s Faster Payment System.
This integration enables real-time, small-value cross-boundary payments for residents in both regions.
Commenting on the initiative, Wendy Yuen, Head of the Personal & Business Banking Group at CNCBI, said:
“As cross-border spending continues to boom, exchanges between mainland China and Hong Kong are more frequent. Residents of the two regions share such rhyme and rhythm of their daily activities with each other. Higher expectations are placed on payment system efficiency. This is where Payment Connect comes into play.”
She added:
“Rooted in Hong Kong for more than a century, China CITIC Bank International boosts intimate knowledge of the economy and social development on both sides of the border. Riding on its strength in fintech and niches as CNCB’s offshore platform, CNCBI will remain active in connectivity related initiatives and will spare no efforts in facilitating economic interaction and development for mainland China and Hong Kong.”
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