Mainland, Hong Kong Launch Real-Time Cross-Border Payment Link
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Monetary authorities in the Chinese mainland and Hong Kong will officially launch a real-time cross-border payment system on June 22, allowing residents in both regions to send funds instantly using only a mobile phone number.
The Payment Connect program is a joint effort by the People’s Bank of China and the Hong Kong Monetary Authority (HKMA). It represents a major step forward in the financial integration of the two economies. The system will link the mainland’s Internet Banking Payment System with Hong Kong’s Faster Payment System, simplifying personal remittances and daily transactions, and strengthening economic and financial ties.
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- On June 22, mainland China and Hong Kong will launch a real-time cross-border payment system allowing instant transfers using mobile numbers.
- Supported by major banks, the system initially waives fees and permits person-to-person transfers, with HK$10,000 daily and HK$200,000 annual "no-reason" caps for Hong Kong users, and a $50,000 annual quota for mainland users.
- Authorities plan to expand to person-to-institution payments, requiring documentation but without quota caps.
- HSBC
- HSBC is one of a dozen major banks, six from each jurisdiction, that will support the new real-time cross-border payment system between mainland China and Hong Kong. It will initially waive fees to encourage adoption of the service.
- Bank of China
- Bank of China is one of the dozen major lenders, six from each jurisdiction, that will support the new real-time cross-border payment system between the Chinese mainland and Hong Kong. It will waive fees initially to encourage adoption of the service.
- China Construction Bank
- China Construction Bank is one of the six major lenders from the Chinese mainland participating in the Payment Connect program. This program, launching on June 22, will enable real-time cross-border payments between the mainland and Hong Kong using mobile phone numbers. Initially, participating banks will waive fees to encourage adoption of this new system.
- June 20, 2025：
- Central bank governor Pan Gongsheng announced the Payment Connect program during a ceremony in Beijing.
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