Sending money between mainland China and Hong Kong just became much faster and easier. On Sunday, authorities officially launched “Payment Connect,” a new system that directly links the mainland’s payment network with Hong Kong’s Faster Payment System (FPS).
The new connection allows residents in both areas to make real-time, small-value remittances using just a recipient’s mobile number or account number. The first successful cross-boundary transaction took place in Shenzhen on Sunday, marking a significant step in financial integration between the two regions.
Officials from the People’s Bank of China (PBOC) stated that the system offers a safer, more efficient, and more convenient payment service. They believe it will accelerate the integrated development of the Guangdong-Hong-Kong-Macao Greater Bay Area and support economic and trade activities.
Analysts are hailing the initiative as a major innovation in financial infrastructure. The direct link enhances the usability of the yuan in cross-boundary retail scenarios and deepens overall financial cooperation.
The PBC and the Hong Kong Monetary Authority (HKMA) spearheaded the project, framing it as a key measure to bolster Hong Kong’s development. By facilitating smoother payments, the system aims to reinforce Hong Kong’s position as an international financial center and a major hub for yuan trading, ultimately boosting its global competitiveness.
