The Hong Kong Monetary Authority and the People's Bank of China announced today (the 20th) that the "Cross-Border Payment System" will be launched on June 22 (this Sunday) at 12 noon. HSBC and ICBC (Asia) announced the same day that they would become one of the first banks to participate in the "Cross-Border Payment System." HSBC stated that it will assist Hong Kong customers in making real-time small-value HKD and RMB cross-border payments and collections. Customers only need to enter the beneficiary's bank account number, mobile number, email address, or Faster Payment System identification code (FPS ID) to make payments easily.
HSBC Hong Kong CEO, Helen Wong, stated that measures such as Hong Kong vehicles traveling north and Shenzhen residents signing up for multiple services indicate that HSBC sees an increasing liquidity between Hong Kong and mainland China, with a growing demand for seamless cross-border solutions. The "Cross-Border Payment System" will enhance the convenience and efficiency of cross-border travel, education, and daily activities, benefiting both individuals and businesses. HSBC will continue to explore more applications in different scenarios to continuously improve the cross-border experience for customers.
HSBC stated that to celebrate the launch of the "Cross-Border Payment System" service, eligible customers who receive at least HKD 1,000 or RMB 1,000 through the "Cross-Border Payment System" will receive a reward of HKD 10. The rewards will be distributed on a first-come, first-served basis and will be valid until September 30, 2025. Promotional offers for northbound payments will be launched in due course.
The initial launch of the "Cross-Border Payment System" covers person-to-person transfers and remittances related to the livelihoods of people in both regions. There are six participating Institutions in each region. In Hong Kong, these include BOC HONG KONG (02388.HK), HSBC, Hang Seng (00011.HK), ICBC (Asia), Bank of East Asia (00023.HK), and China Construction Bank (Asia). On the mainland, there are Agricultural Bank of China (01288.HK), Bank of China (03988.HK)(601988.SH), Bank of Communications (03328.HK)(601328.SH), China Construction Bank (00939.HK)(601939.SH), China Merchants Bank (03968.HK)(600036.SH), and Industrial and Commercial Bank of China (01398.HK)(601398.SH). The service will be gradually rolled out with more participating Institutions added over time.
