Hong Kong, China launch Payment Connect for faster cross-border payments

Supported services include instant remittance services, amongst others.

The central banks of Hong Kong and China have pushed forward Payment Connect, which sees in their clearing centres cooperate to enable faster payments between the two markets.

Launched on 22 June 2025, Payment Connect links together China’s Internet Banking Payment system (IBPS) and Hong Kong’s Faster Payment System (FPS), supporting real-time cross-border payment services for residents in both markets.

It will also enable payment systems of participating institutions to provide faster remittance services in Renminbi and Hong Kong dollars.

Other supported services include instant remittance services for salary disbursements, and payments of tuition fees and medical bills, amongst others.

The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) will establish a collaboration mechanism for Payment Connect to ensure that the services are operated “in an orderly manner” and comply with legal and regulatory requirements in the two markets.

The China National Clearing Center (CNCC) and the Hong Kong Interbank Clearing Limited (HKICL) will coordinate with participating institutions to provide secure and efficient cross-boundary payment services to residents in both places, the announcement said.