The HKMA and the PBoC launch Payment Connect on 22 June 2025, enabling secure, real-time cross-boundary payments between residents and institutions in Hong Kong and the Mainland. The launch ceremony was attended by high-ranking officials from both entities.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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The Hong Kong Monetary Authority ("HKMA") and the People’s Bank of China ("PBoC") unveiled Payment Connect on 22 June 2025. A launch ceremony was held in Beijing on 20 June 2025, featuring senior officials from both authorities. Speeches were delivered by Mr Pan Gongsheng, Governor of the PBoC, Mr Wang Linggui, Deputy Director of the Hong Kong and Macao Work Office, and Mr Eddie Yue, Chief Executive of the HKMA. The ceremony was presided over by Mr Lu Lei, Deputy Governor of the PBoC. Attendees included representatives from system operators and participating institutions from both the Mainland and Hong Kong.
Payment Connect serves as a bridge between the Mainland's Internet Banking Payment System ("IBPS") and Hong Kong's Faster Payment System ("FPS"), enabling secure, efficient, and real-time cross-boundary payments. Residents from both regions can make instant small-value remittances by inputting the recipient's mobile number or account number. Mr Eddie Yue, Chief Executive of the HKMA, highlighted that Payment Connect enhances cross-boundary payment efficiency, supports trade and personnel exchange, and strengthens Hong Kong's position as an international financial hub and offshore Renminbi business center.
Upon its launch, Payment Connect will involve six institutions from the Mainland and Hong Kong participating in the service. These institutions will gradually roll out the service, with more institutions joining over time. The Mainland's Internet Banking Payment System ("IBPS") is a real-time cross-bank retail payment system operated by the China National Clearing Center under PBoC's guidance. The Hong Kong Monetary Authority launched the Faster Payment System ("FPS") in September 2018, linking banks and stored-value facility operators ("SVFs") for real-time cross-bank and cross-SVF fund transfers using the recipient's mobile number or email address.
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