"Cross-border Payment Pass" launched: Mainland and Hong Kong payment systems are interconnected

On the morning of June 20, the People's Bank of China and the Hong Kong Monetary Authority jointly held the launching ceremony of the "Interconnection of the Mainland and Hong Kong Fast Payment Systems" (hereinafter referred to as "Cross-border Payment Pass"). This major initiative strongly supported by the central government marks a new stage in the interconnection and interoperability between the mainland and Hong Kong in the field of payment.

Pan Gongsheng, Governor of the People's Bank of China, Wang Linggui, Deputy Director of the Central Hong Kong and Macao Affairs Office and Deputy Director of the Hong Kong and Macao Affairs Office of the State Council, and Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, attended the launching ceremony and delivered speeches. Lu Lei, Deputy Governor of the People's Bank of China, presided over the ceremony, and many heads of commercial banks and payment system operators from the two places were also invited to attend.

"Cross-border Payment Pass" directly connects the mainland's online payment interbank clearing system with Hong Kong's "FPS" system, realizing the deep connection between the two payment systems. Under the premise of complying with the laws and regulations of the two places, the relevant participating institutions will be able to provide more efficient, convenient and secure cross-border payment services for residents of the mainland and Hong Kong.

The system will be officially launched on June 22, 2025. It will initially support small-amount cross-border payment scenarios, bringing great convenience to residents of the two places in daily life, tourism consumption, and business exchanges. As the operation matures, the system is expected to gradually expand to a wider range of application scenarios.

Pan Gongsheng said that the implementation of the cross-border payment channel reflects the purpose of financial services for people's livelihood and promoting regional coordinated development. It is an important measure to consolidate Hong Kong's status as an international financial center and serve the country's high-level opening-up strategy. Yu Weiwen pointed out that the project will help the development of Hong Kong's financial technology ecosystem and enhance its function as an offshore RMB business hub.

In the next step, the People's Bank of China will further strengthen regulatory cooperation with the Hong Kong Monetary Authority to ensure the smooth and safe operation of the cross-border payment channel. At the same time, it will work with the fast payment system operators and participating institutions in the two places to optimize the system design based on operational feedback and promote the cross-border payment system to develop in a more efficient, open and secure direction.