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BTCC / BTCC Square / Global Cryptocurrency /
HKMA and PBoC Launch Payment Connect to Enhance Cross-Boundary Transactions

HKMA and PBoC Launch Payment Connect to Enhance Cross-Boundary Transactions

Author:
Global Cryptocurrency
Published:
2025-06-20 10:14:02
4
1

The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) unveiled Payment Connect, a cross-boundary payment system designed to streamline financial transactions between Hong Kong and Mainland China. The integration of Mainland China's Internet Banking Payment System (IBPS) with Hong Kong's Faster Payment System (FPS) will enable real-time, low-value remittances using just a mobile or account number.

Governor Pan Gongsheng of the PBoC and HKMA Chief Executive Eddie Yue emphasized the system's role in strengthening financial connectivity. Payment Connect marks a strategic milestone in cross-border cooperation, reducing friction for residents and institutions alike.

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