The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) announced today the launch of Payment Connect on 22 June 2025.

A launch ceremony for Payment Connect was held in Beijing today. Mr Pan Gongsheng, Governor of the PBoC, Mr Wang Linggui, Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, and Mr Eddie Yue, Chief Executive of the HKMA, attended the ceremony and delivered remarks. The ceremony was officiated by Mr Lu Lei, Deputy Governor of the PBoC. Representatives from system operators and participating institutions from the Mainland and Hong Kong also attended the ceremony.

Payment Connect refers to the link between the Mainland’s Internet Banking Payment System (IBPS) and Hong Kong’s Faster Payment System (FPS), which supports secure, efficient and convenient real-time cross-boundary payment for residents and institutions in both places. By simply inputting the recipient’s mobile number or account number, residents in both places can make instant small-value cross-boundary remittances.

Mr Eddie Yue, Chief Executive of the HKMA, said:

“Payment Connect is one of the key initiatives in strengthening cooperation between the Mainland and Hong Kong. The connection between the faster payment systems in both places enhances the efficiency of cross-boundary payments, supporting trade activities and personnel exchange. This development will further promote Hong Kong’s position as an international financial centre and offshore Renminbi business hub. Payment Connect will cater to the daily needs of residents in both places for cross-boundary remittances and payments. It also signifies another milestone for the FPS in expanding cross-boundary payment.”

Six institutions each from the Mainland and Hong Kong will participate in the Payment Connect upon its launch. They will roll out the service gradually and more institutions will join over time.

Participants:

• Agricultural Bank of China Limited
• Bank of China (Hong Kong) Limited
• Bank of China Limited Bank of East Asia, Limited (The)
• Bank of Communications Co., Ltd.
• China Construction Bank (Asia) Corporation Limited
• China Construction Bank Corporation
• Hang Seng Bank, Limited
• China Merchants Bank Co., Ltd
• Hongkong and Shanghai Banking Corporation Limited (The)
• Industrial and Commercial Bank of China Limited
• Industrial and Commercial Bank of China (Asia) Limited