Hong Kong & China Central Banks Launch Payment Connect for Real-Time Cross-Boundary Payment Using Mobile Number or Account Number, Payment Connect Links China Mainland Internet Banking Payment System (IBPS) & Hong Kong Faster Payment System (FPS), 6 Banks from Hong Kong & 6 Banks from China are on Payment Connect at Launch, 6 China Banks are Agricultural Bank of China (ABC), Bank of China, Bank of Communications, China Construction Bank, China Merchants Bank, Industrial & Commercial Bank of China (ICBC), 6 Hong Kong Banks are Bank of China, Bank of East Asia, China Construction Bank, Hang Seng Bank, HSBC, Industrial & Commercial Bank of China (ICBC)
20th June | Hong Kong
Hong Kong & China central banks Hong Kong Monetary Authority (HKMA) & People’s Bank of China (PBoC) have announced the launch of Payment Connect for real-time cross-boundary payment using mobile number or account number. The Payment Connect links China Mainland Internet Banking Payment System (IBPS) & Hong Kong Faster Payment System (FPS). 6 banks from Hong Kong & 6 banks from China are on Payment Connect at launch. The 6 China banks are Agricultural Bank of China (ABC), Bank of China, Bank of Communications, China Construction Bank, China Merchants Bank, Industrial & Commercial Bank of China (ICBC). The 6 Hong Kong banks are Bank of China, Bank of East Asia, China Construction Bank, Hang Seng Bank, HSBC, Industrial & Commercial Bank of China (ICBC). Announcement (20/6/25): “The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) announced today (20 June) 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 linkage 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 … … Six institutions each from the Mainland and Hong Kong (Annex) will participate in the Payment Connect upon its launch. They will roll out the service gradually and more institutions will join over time.”
“ Hong Kong & China Central Banks Launch Payment Connect for Real-Time Cross-Boundary Payment Using Mobile Number or Account Number, Payment Connect Links China Mainland Internet Banking Payment System (IBPS) & Hong Kong Faster Payment System (FPS), 6 Banks from Hong Kong & 6 Banks from China are on Payment Connect at Launch, 6 China Banks are Agricultural Bank of China (ABC), Bank of China, Bank of Communications, China Construction Bank, China Merchants Bank, Industrial & Commercial Bank of China (ICBC), 6 Hong Kong Banks are Bank of China, Bank of East Asia, China Construction Bank, Hang Seng Bank, HSBC, Industrial & Commercial Bank of China (ICBC) “
Hong Kong & China Central Banks Launch Payment Connect for Real-Time Cross-Boundary Payment Using Mobile Number or Account Number, Payment Connect Links China Mainland Internet Banking Payment System (IBPS) & Hong Kong Faster Payment System (FPS), 6 Banks from Hong Kong & 6 Banks from China are on Payment Connect at Launch, 6 China Banks are Agricultural Bank of China (ABC), Bank of China, Bank of Communications, China Construction Bank, China Merchants Bank, Industrial & Commercial Bank of China (ICBC), 6 Hong Kong Banks are Bank of China, Bank of East Asia, China Construction Bank, Hang Seng Bank, HSBC, Industrial & Commercial Bank of China (ICBC)
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