Hongkongers can now receive monthly annuity payments in yuan in mainland: HKMCA

HKMC Annuity (HKMCA), a wholly-owned subsidiary of The Hong Kong Mortgage Corporation, announced on Monday that its customers can now choose to receive their guaranteed monthly annuity payments across the boundary via eligible bank accounts opened on the Chinese Mainland.

Under the new arrangement, the company's servicing bank will convert the Hong Kong dollar-denominated payments into yuan and remit the funds via Payment Connect, which links the mainland's Internet Banking Payment System (IBPS) with Hong Kong's Faster Payment System (FPS), the HKMCA said. 

The final yuan amount depends on the bank's prevailing exchange rate at the time of transaction, with no additional charges levied by the HKMCA.

Daniel Leong, executive director and chief executive of HKMCA, stated that demand for seamless cross-boundary payments to support daily living expenses continues to grow as more Hong Kong residents choose to retire on the mainland. 

The service allows customers to conveniently receive their guaranteed annuity payments to meet daily spending needs, enjoying a hassle-free cross-boundary retirement, he added.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓