The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) announced the official launch of Payment Connect, a new cross-boundary payment system linking Hong Kong’s Faster Payment System (FPS) and Mainland China’s Internet Banking Payment System (IBPS).
The service will go live on June 22, 2025.
At a ceremony held in Beijing, officials from both jurisdictions highlighted the importance of Payment Connect in deepening financial integration between Hong Kong and the Mainland.
Attendees included PBoC Governor Pan Gongsheng, HKMA Chief Executive Eddie Yue, and senior representatives from participating banks and system operators.
Payment Connect enables residents and institutions in Hong Kong and Mainland China to make real-time, small-value remittances using only a mobile number or bank account.
The linkage between the two existing faster payment infrastructures is designed to offer seamless, secure, and efficient cross-boundary transfers, addressing both personal and commercial needs.
The IBPS, operated by the China National Clearing Center under the PBoC, facilitates instant retail transactions through mobile and online banking across Mainland banks.
Similarly, Hong Kong’s FPS, launched in 2018, connects banks and stored-value facility operators, enabling real-time fund transfers across platforms.
Upon launch, six institutions from each jurisdiction will participate, with services rolled out in phases. More financial institutions are expected to join the network over time.
The HKMA described the initiative as a milestone in enhancing Hong Kong’s role as an international financial centre and offshore renminbi hub.
Authorities said Payment Connect will support cross-boundary trade, facilitate smoother personal remittances, and strengthen economic ties under the broader vision of financial connectivity between the two markets.