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Joint Launch Ceremony of Cross-Border Payment Arrangement by the People's Bank of China and Hong Kong Monetary Authority
4 week ago /
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Author：小编
On June 20, the People's Bank of China and the Hong Kong Monetary Authority collaboratively organized the launch ceremony for the interconnection between the Mainland and Hong Kong Faster Payment Systems, officially known as the Cross-Border Payment Arrangement. The ceremony announced the system's rollout on June 22. This Arrangement establishes a direct link between the Mainland's Online Interbank Payment and Clearing System and Hong Kong's Faster Payment System (FPS). Its objectives are to elevate cross-border payment efficiency and service quality in both regions, facilitate economic and trade activities, enhance personnel exchanges, and reinforce Hong Kong's position as a leading international financial center.
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