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HKMA Eddie Yue: Interconnection With CN Cross-border Fast Payment System Can Be Trialed in Mid-2025
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Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), envisioned that the interconnection with the Mainland China's cross-border fast payment system can be trialed in the middle of next year, which bodes well for the progress of the cross-border fast payments. Hong Kong's Faster Payment System (FPS) will be linked to the Mainland's Internet Banking Payment System (IBPS), which will enable interbank payments to be made 24x7, small value payments to be settled instantly, and remittances to be made using just a phone number. Currently, the HKMA is discussing the details with the People's Bank of China (PBOC). The latest Policy Address mentioned that the HKMA and the PBOC are promoting the interconnection of the two places' cross-border fast payment systems, i.e. the interconnection of Hong Kong's FPS and the Mainland's IBPS, to facilitate real-time small-value cross-border payments between residents of the two places. AAStocks Financial News |
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