Source: Hong Kong Government special administrative region
HKMA and PBoC launch Payment Connect
Payment Connect refers to the linkage between the Mainland’s Internet Banking Payment System (IBPS) (Note 1) and Hong Kong’s Faster Payment System (FPS) (Note 2), which supports secure, efficient and convenient real-time cross-boundary payment for residents and institutions in both places. By simply inputting the recipient’s mobile number or account number, residents in both places can make instant small-value cross-boundary remittances.
Mr Yue said, “Payment Connect is one of the key initiatives in strengthening co-operation between the Mainland and Hong Kong. The connection between the faster payment systems in both places enhances the efficiency of cross-boundary payments, supporting trade activities and personnel exchange. This development will further promote Hong Kong’s position as an international financial centre and offshore Renminbi business hub. Payment Connect will cater to the daily needs of residents in both places for cross-boundary remittances and payments. It also signifies another milestone for the FPS in expanding cross-boundary payment.”
Six institutions each from the Mainland and Hong Kong (Annex) will participate in the Payment Connect upon its launch. They will roll out the service gradually and more institutions will join over time.Issued at HKT 15:56
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