Mainland China, Hong Kong Launch Real-Time Cross-Border Payment Link

China and Hong Kong have jointly launched the Payment Connect system, a real-time cross-border payment platform linking the mainland's Internet Banking Payment System with Hong Kong's Faster Payment System. This new system allows residents on both sides to perform transregional remittances by simply entering a recipient's phone number or bank account number, significantly improving efficiency and reducing costs by eliminating intermediate steps. The scheme supports up to HK$10,000 daily remittance per Hong Kong bank account to mainland accounts, with broader quotas and unlimited transfers for medical bills, tuition fees, and daily needs under certain conditions. The Payment Connect program marks a significant advancement in financial integration and cooperation between the two economies, facilitating faster, safer, and more convenient cross-border payments. Officials emphasized its role in boosting Hong Kong's status as an international financial center and expanding the cross-border use of the yuan. The initiative is expected to strengthen economic and trade ties, promote people-to-people exchanges, and provide a robust infrastructure for future financial innovations.