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Smooth Progress in Mainland-Hong Kong Rapid Payment Systems Interconnection, with Services Anticipated to Launch Shortly
6 day ago /
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Author：小编
The People's Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are collaboratively advancing the interconnection of their respective rapid payment systems, with the rollout of select services anticipated by mid-2025. In August 2024, the two entities inked a Memorandum of Understanding (MoU) on Cross-border Payments, geared towards facilitating real-time cross-border remittances for residents of both regions and offering enhanced security and efficiency in cross-border payment services. Earlier this year, in January, Governor Pan Gongsheng of the PBOC emphasized the commitment to expedite this significant initiative.
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