The People's Bank of China and the Hong Kong Monetary Authority published a joint announcement on the Mainland–Hong Kong Cross-border Payment Link, a new arrangement that will provide real-time cross-border payments for residents by linking the Mainland online payment interbank clearing system with Hong Kong’s Faster Payment System. The service will allow participating institutions in the two fast payment systems to offer facilitation of current-account remittances in CNY and HKD, including use cases such as salary payments, overseas study tuition payments, and medical bill payments. The authorities also set out an operational cooperation mechanism under an existing memorandum of understanding, with China National Clearing Center and Hong Kong Interbank Clearing Limited coordinating participant readiness on a prudent, risk-controlled basis; participating institutions must comply with anti-money laundering, counter-terrorist financing, counter-proliferation financing, and cross-border fund settlement requirements. Cross-border Payment Link is scheduled to go live on 22 June 2025.
Central Bank of the Republic of China 2025-06-20
People's Bank of China and Hong Kong Monetary Authority to launch Cross-border Payment Link connecting Mainland and Hong Kong fast payment systems
The People's Bank of China and the Hong Kong Monetary Authority announced the Mainland–Hong Kong Cross-border Payment Link, enabling real-time cross-border payments by connecting the Mainland's online payment interbank clearing system with Hong Kong’s Faster Payment System. This service will facilitate CNY and HKD remittances for various use cases, complying with anti-money laundering and other regulatory requirements. The system is set to launch on 22 June 2025.