On June 22, the "Cross-border Payment Link" between Mainland China and Hong Kong was officially launched, spearheaded by the People's Bank of China and the Hong Kong Monetary Authority. This innovative service integrates the Mainland's Online Interbank Payment and Clearing System with Hong Kong's Faster Payment System (FPS), enabling seamless interconnection between the two regions' rapid payment networks. Users can now facilitate instant and cost-effective cross-border transfers simply by inputting the recipient's mobile phone number or bank account details through their mobile banking apps.

Among the initial participants are leading banks from both Mainland China and Hong Kong, including the Industrial and Commercial Bank of China, the Agricultural Bank of China, and the Bank of China. Notably, the Agricultural Bank of China and the Bank of Communications have announced that they will forgo handling fees during the pilot phase, demonstrating their commitment to fostering cross-border financial integration.

The Cross-border Payment Link extends beyond traditional transfers, supporting a range of people-centric financial services such as overseas study fees and medical payments. This initiative aims to provide residents of both regions with a streamlined and user-friendly cross-border payment experience. Looking ahead, it is anticipated that more financial institutions will join this groundbreaking platform, further enhancing its reach and utility.