Last week, the People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) announced the official launch of Payment Connect, a cross-boundary real-time payment system.
In a press release, the firms explained that the payment system links the Mainland’s Internet Banking Payment System (IBPS) with Hong Kong’s Faster Payment System (FPS). The initiative will go live on 22 June 2025.
Payment Connect is designed to offer secure, efficient and convenient remittance services between the Mainland and Hong Kong, allowing residents to transfer funds in both Renminbi and Hong Kong dollars under the current account.
It is also said to support various real-time use cases, including salary disbursements, tuition payments, and medical bill settlements.
According to the joint statement, Payment Connect is “another key measure of the Central Government in supporting the development of Hong Kong,” aiming to enhance the city’s status as a global financial hub and offshore Renminbi centre.
The China National Clearing Center (CNCC) and Hong Kong Interbank Clearing Limited (HKICL) are expected to coordinate the implementation of Payment Connect, working closely with participating institutions.
The press release adds that the new system operates under the Memorandum of Understanding on Cross-Boundary Linkage of Payment Systems, with both the PBoC and HKMA ensuring regulatory compliance and the orderly operation of services.
