A new edition of the Policy Address mentioned that the Hong Kong Monetary Authority and the People's Bank of China are promoting the interconnection of the two regions' fast payment systems, namely Hong Kong's Faster Payment System (FPS) and the Mainland's Internet Banking Payment Cross-Border Settlement System (IBPS). According to various reports, the HKMA and the PBOC are still discussing the details, hoping to formulate specific details by the end of this year. The target date for the interconnection of FPS and IBPS is tentatively set for June next year. Several local banks in Hong Kong will conduct a trial run in April next year, with the initial stage not involving retail consumer payments, or only limited to cross-border transfer remittances.

It is reported that by then, Hong Kong residents can use FPS to instantly exchange Renminbi to the Mainland, while Mainland residents can use the interconnection service to instantly exchange Hong Kong dollars for daily use in Hong Kong. Potential uses include cross-border payroll for enterprises, cross-border disbursement of comprehensive social security payments by the Hong Kong government, and payment of tuition and living expenses for Mainland residents studying in Hong Kong.

The message points out that due to the numerous technical issues involved in the interconnection, and the widespread use of WeChat Pay and Alipay by Hong Kong residents at present, it is believed that this can solve the issue of consumer payments in the Mainland. However, the parties involved also hope that future interconnection between the two regions can cover cross-border retail consumption.