The People's Bank of China and the Hong Kong Monetary Authority jointly held a launch ceremony for Cross-border Payment Connect, a direct link between the mainland’s online payment interbank clearing system and Hong Kong’s Faster Payment System (FPS). The arrangement is scheduled to go live on 22 June 2025 and will allow participating institutions, subject to compliance with the two jurisdictions’ laws and regulations, to provide cross-border payment services to residents that are positioned as more efficient, convenient and secure. The authorities framed the initiative as supporting closer mainland–Hong Kong cooperation, with the link intended to improve cross-border payment efficiency and service levels and facilitate economic and trade activity and travel between the two markets. The launch was attended by senior officials including People's Bank of China Governor Pan Gongsheng and Hong Kong Monetary Authority Chief Executive Eddie Yue. Next, the People's Bank of China will strengthen supervisory cooperation with the Hong Kong Monetary Authority to support orderly operation, and will work with the two fast payment system operators and participating institutions to refine the supporting institutional arrangements based on how the service operates in practice.
Central Bank of the Republic of China 2025-06-20
People's Bank of China and Hong Kong Monetary Authority launch Cross-border Payment Connect linking mainland and Hong Kong fast payment systems
The People's Bank of China and the Hong Kong Monetary Authority launched Cross-border Payment Connect, linking mainland China's online payment interbank clearing system with Hong Kong's Faster Payment System. Going live on 22 June 2025, it aims to enhance cross-border payment efficiency and support economic activities between the regions. They will collaborate to ensure orderly operation and refine institutional arrangements.