Six institutions each from Mainland China and Hong Kong are participating the initial launch of the Payment Connect. HKMA Chief Fintech Officer Nelson Chow stated that more than 10 local Hong Kong banks are now interested in joining.Regarding payment scenarios, Chow mentioned that Payment Connect can be used by Hong Kong residents spending in the mainland, whereas Hong Kong already sees small and micro merchants used it. Related NewsCiti: $70B-$100B Liquidity Expected to Be Drained if HKD Exchange Rate Hits Weak-side Convertibility UndertakingWhen asked about potential tax evasion issues, he noted that merchant payments also involve cash and believed that tax reporting is a civic responsibility.Additionally, the daily limit for Hong Kong residents remitting funds northbound through the Payment Connect is HKD10,000, with an annual limit of HKD200,000.