HKMC Annuity Limited has introduced a service allowing customers, with immediate effect, to receive guaranteed monthly annuity payments through eligible renminbi bank accounts opened in the Chinese Mainland. The service uses Payment Connect, which links the Chinese Mainland’s Internet Banking Payment System with Hong Kong’s Faster Payment System. After customers complete the required application procedures, the servicing bank will convert their Hong Kong dollar-denominated payments into renminbi and remit the funds to the eligible account. The deposited amount will reflect the prevailing exchange rate at the time of the transaction. HKMC Annuity Limited will not charge for the service, although customers will bear any related remittance fees, exchange-rate differentials and currency-conversion risks.
2026-08-24Hong Kong Monetary Authority
HKMC Annuity Limited enables cross-boundary annuity payments to Chinese Mainland bank accounts
HKMC Annuity Limited now allows customers to receive guaranteed monthly annuity payments in eligible renminbi bank accounts in the Chinese Mainland through Payment Connect. Payments will be converted from Hong Kong dollars at the servicing bank’s prevailing exchange rate, with customers bearing related fees and currency-conversion risks.