The Hong Kong Monetary Authority (HKMA) and the Guangzhou Branch of the People’s Bank of China (PBoC) jointly hosted the Electronic Cheque (e-Cheque) launching ceremony in Guangzhou today to mark the launch of the joint e-Cheque clearing between Guangdong Province (including Shenzhen) and Hong Kong on 20 July 2016. The ceremony was attended by the senior officials of the Guangdong provincial government, Guangdong Free Trade Zone and Shenzhen municipal government, and the representatives from the commercial banks and corporates in Guangdong Province and Hong Kong.
The implementation of joint e-Cheque clearing facility reflects the collaborative efforts of the HKMA, the Guangzhou Branch and Shenzhen Central Sub-branch of the PBoC to enhance the efficiency of cross-boundary payments between Hong Kong and Guangdong province. Under the arrangement, e-Cheques issued by banks in Hong Kong and deposited with banks in Guangdong province (including Shenzhen) will be settled on the next business day. When compared with physical cheques, the use of e-Cheques in cross-boundary payments will reduce the time needed for delivery, enable the online issuance and deposit any time anywhere, enhance payment security and become more environmentally friendly.
In the initial stage, nine banks in Hong Kong allow their customers to issue e-Cheques, while 22 banks in Guangdong Free Trade Zone and 28 banks in Shenzhen allow their customers to deposit e-Cheques through the online portal. It is expected that the number of banks offering e-Cheque issuance service in Hong Kong and accepting e-Cheque deposit in Guangdong province will gradually increase.
Mr Howard Lee, Senior Executive Director of the HKMA, said, “I am glad to see the implementation of joint e-Cheque clearing between Hong Kong and Guangdong province which will enhance the efficiency of cross-boundary payments between both places. This will enable individuals and corporates using Hong Kong’s e-Cheque services to make cross-border payments in HKD, RMB and even USD in a more convenient, speedy and reliable manner.”
Bank customers are encouraged to contact their banks directly for further details of the cross-boundary e-Cheque service. More information can also be found in the attached leaflet.
Hong Kong Monetary Authority
22 July 2016