The People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) officially launched Payment Connect on 22 June 2025, a new cross-boundary fast payment link between Hong Kong’s Faster Payment System (FPS) and the Mainland’s Internet Banking Payment System (IBPS).
Developed in partnership with the China National Clearing Center (CNCC) and Hong Kong Interbank Clearing Limited (HKICL), Payment Connect enables real-time cross-boundary payment services for residents in both regions.
The service supports transactions in Hong Kong dollars and Renminbi, and operates in compliance with the respective legal and regulatory frameworks of both jurisdictions.
Within hours of its launch, Payment Connect processed 9,400 cross-boundary transactions, with approximately 2,000 northbound and 7,400 southbound payments completed by noon on 22 June 2025, according to the Standard.
The initiative currently supports instant remittances for salary disbursements, tuition fee payments, medical bills, and other use cases. Six institutions from each side are currently participating as of 22 June 2025.
Participating institutions must fully comply with all applicable laws and regulations related to anti-money laundering, counter-terrorist financing, counter-proliferation financing, and cross-boundary payment settlements.
The PBoC and HKMA have also established a joint collaboration mechanism to ensure smooth operation, compliance, and continuous service improvement.
Similarly, the CNCC and HKICL will work closely with participating institutions to ensure secure, efficient cross-boundary payments, maintain smooth system operations, and promptly resolve issues that arise.
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