The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) announced today (20 June) the launch of Payment Connect on 22 June 2025. A launch ceremony for Payment Connect was held in Beijing today. Mr Pan Gongsheng, Governor of the PBoC, Mr Wang Linggui, Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, and Mr Eddie Yue, Chief Executive of the HKMA, attended the ceremony and delivered remarks. The ceremony was officiated by Mr Lu Lei, Deputy Governor of the PBoC. Representatives from system operators and participating institutions from the Mainland and Hong Kong also attended the ceremony.
Payment Connect refers to the linkage between the Mainland's Internet Banking Payment System (IBPS)1 and Hong Kong's Faster Payment System (FPS)2, which supports secure, efficient and convenient real-time cross-boundary payment for residents and institutions in both places. By simply inputting the recipient's mobile number or account number, residents in both places can make instant small-value cross-boundary remittances.
Mr Eddie Yue, Chief Executive of the HKMA, said, “Payment Connect is one of the key initiatives in strengthening cooperation between the Mainland and Hong Kong. The connection between the faster payment systems in both places enhances the efficiency of cross-boundary payments, supporting trade activities and personnel exchange. This development will further promote Hong Kong's position as an international financial centre and offshore Renminbi business hub. Payment Connect will cater to the daily needs of residents in both places for cross-boundary remittances and payments. It also signifies another milestone for the FPS in expanding cross-boundary payment.”
Six institutions each from the Mainland and Hong Kong (Annex) will participate in the Payment Connect upon its launch. They will roll out the service gradually and more institutions will join over time.
Hong Kong Monetary Authority
20 June 2025
Mr Pan Gongsheng, Governor of the People’s Bank of China (centre); Mr Wang Linggui, Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council (second right); Mr Lu Lei, Deputy Governor of the People’s Bank of China (first right); Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (second left); and Mr Zhang Hui, President of the Bank of China (first left) attend the launch ceremony of Payment Connect today.
Mr Pan Gongsheng, Governor of the People’s Bank of China, delivers remarks at the launch ceremony.
Mr Wang Linggui, Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, delivers remarks at the launch ceremony.
Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, delivers remarks at the launch ceremony.
1 The Mainland China’s Internet Banking Payment System (IBPS) is the faster payment system in the Mainland, built by the China National Clearing Center under the guidance of the People’s Bank of China. IBPS enables user to make real-time cross-bank retail payment transactions through the mobile banking or online banking of his/her bank. By using the system, user can handle cross-bank account management, fund transfer, fund consolidation and other services without leaving home, and obtain instant transaction processing results.
2 The HKMA launched the Faster Payment System (FPS) in September 2018. This system connects banks and stored-value facility operators (SVFs), enabling the public to make real-time cross banks and cross SVFs fund transfers anytime and anywhere, by using the recipient's mobile number or email address.
