Last week, the Chinese People’s Bank (PBOC) and the Hong Kong Monetary Authority (HKMA) announced the official launch of the CONNECT batch, which is an actual payment system.
In a press release, companies showed that the payment system connects the IBPS online payment system with the fastest Hong Kong payment system (FPS). The initiative will remain directly on June 22, 2025.
Payment Connect is designed to provide safe, effective and comfortable conversion services between the mainland and Hong Kong, allowing residents to transfer money in Renminbi and Hong Kong Dollars under the current account.
It is also said to support different use cases in actual time, including salaries, tuition payments, and medical bills settlements.
According to the joint statement, the Payment Connect is another major measure of the central government in supporting the development of Hong Kong, “with the aim of strengthening the city’s position as a global financial center and the Renminbe Seapuit Center.
The China National Clearing Center (CNCC) and Hong Kong between the Clearing Bank Ltd. (HKICL) is expected to implement the payment connection, and they are working closely with the participating institutions.
The press statement adds that the new system operates according to the Memorandum of Understanding on Border Link to Payment Systems, as both PBOC and HKMA guarantee organizational compliance and organized employment of services.