The integration of China's and Hong Kong's rapid payment systems is progressing smoothly, with some services expected to be launched as early as mid-2025. According to reports, the People's Bank of China and the Hong Kong Monetary Authority are actively promoting the cross-border payment project, which aims to provide more efficient and convenient payment services for residents and businesses in both territories.
The project involves the real-time transfer of funds across the border, with a 24/7 service available. This means that residents in both China and Hong Kong can make instant small-value cross-border transfers by simply inputting the recipient's phone number or account number.
The technical interface testing for the project has already been completed, and it is considered an important step in deepening financial cooperation between China and Hong Kong. Additionally, China's Bank of China (BOC CN) and Hong Kong's Bank of China (BOC HK) have already established a data link, allowing customers to access their accounts in both countries through their respective bank's mobile apps.