HKMA, PBoC Launch Payment Connect for Cross-Boundary Transactions

The Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBoC) have jointly launched Payment Connect, a cross-boundary payment system linking Mainland China's Internet Banking Payment System (IBPS) with Hong Kong's Faster Payment System (FPS). This integration enables residents and institutions in both regions to make secure, real-time small-value remittances simply by entering the recipient's mobile number or account number, facilitating convenient cross-boundary financial transactions. The system initially involves six participating institutions from each side, with plans to expand gradually to enhance service coverage and efficiency. Payment Connect aims to deepen financial cooperation between the Mainland and Hong Kong, supporting trade activities, personnel exchanges, and elevating Hong Kong's position as an international financial center and offshore Renminbi business hub. The initiative also aligns with central government efforts to support Hong Kong's development and improve the quality and efficiency of cross-border payments. The launch ceremony was held in Beijing and attended by senior officials from both authorities, underscoring the strategic importance of this collaboration.