The Hong Kong Monetary Authority and the People’s Bank of China announced that Payment Connect will launch on 22 June 2025, enabling secure, efficient real-time cross-boundary payments for residents and institutions in the Mainland and Hong Kong. The service supports instant small-value remittances by entering the recipient’s mobile number or account number. Payment Connect links the Mainland China’s Internet Banking Payment System with Hong Kong’s Faster Payment System. Six institutions from the Mainland and six from Hong Kong will participate at launch. Participating institutions will roll out the service gradually, with additional institutions expected to join over time.
Hong Kong Monetary Authority 2025-06-20
Hong Kong Monetary Authority and People’s Bank of China launch Payment Connect for real-time cross-boundary payments via IBPS and FPS
The Hong Kong Monetary Authority and the People’s Bank of China will launch Payment Connect on 22 June 2025, facilitating real-time cross-boundary payments between the Mainland and Hong Kong. The service supports instant small-value remittances using mobile or account numbers and initially involves six institutions from each region. Additional institutions are expected to join as the service expands.