Cross-border fast payment systems set for mid-year launch, Yue says

The cross-border connection of fast payment systems in the mainland and Hong Kong is on track, with partial services expected to launch by mid-year, according to Hong Kong Monetary Authority Chief Executive Eddie Yue Wai-man.

This connection will allow for real-time, small-scale cross-border payments 24/7, similar to Hong Kong’s Faster Payment System, enabling residents of both regions to make instant cross-border transfers using mobile phone numbers, Yue added.

Yue said that technical testing was completed last month, and the service will be gradually expanded and improved in the future.

(Cici Cao)