WeChat Pay HK has participated in the 'Cross-Border Payment Connect' jointly launched by the Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBOC), becoming the first e-wallet to offer this service. Under the newly added 'Cross-Border Payment Connect' feature, its 'Faster Payment System' (FPS) Hong Kong dollar settlement service is provided by HSBC, meaning that WeChat Pay HK users can now transfer funds to mainland bank accounts anytime and anywhere via their mobile phones.
The Hong Kong-to-Mainland transfer service provides 7x24 real-time small-amount remittances to accounts at participating mainland banks, with the system using real-time exchange rates for Hong Kong dollar settlements. Users holding mainland identity cards can use the 'Cross-Border Payment Connect' instant transfer to Hong Kong through the mobile applications of participating mainland banks between 7:00 AM and 11:00 PM daily.
Tencent Fintech Vice President Daniel Hong stated that WeChat Pay HK becoming the first e-wallet to participate in the 'Cross-Border Payment Connect' will help promote financial interconnectivity between the two regions and facilitate regional economic and trade exchanges. The company has been actively collaborating with various financial institutions, leveraging cutting-edge technology to provide secure, reliable, and convenient electronic payment experiences.
