The Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBoC) announced today (20th) the launch of Payment Connect on June 22, 2025 (this Sunday).

A launch ceremony for Payment Connect was held in Beijing. The Governor of the PBoC, Pan Gongsheng; Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council Wang Linggui; and the Chief Executive of the HKMA, Eddie Yue, attended the ceremony.

Related NewsBOCI Lists Actively-Traded Stocks for CN-HK Southbound Link YTD (Table)
Payment Connect refers to the linkage between the Mainland's Internet Banking Payment System (IBPS) and Hong Kong's Faster Payment System (FPS). Six institutions each from the Mainland and Hong Kong will participate in the Payment Connect upon its launch.

There are six participating institutions in each place. In Hong Kong, there are Bank of China (Hong Kong), HSBC, Hang Seng Bank, ICBC (Asia), Bank of East Asia, and CCB (Asia). In the Mainland, there are Agricultural Bank of China, Bank of China, Bank of Communications, CCB, China Merchants Bank, and ICBC. The service will be launched gradually and more participating institutions will be added gradually.