The connection of fast payment systems in the mainland and Hong Kong will be officially in place on Sunday, according to the Hong Kong Monetary Authority and the People's Bank of China.

At the launch ceremony in Beijing, the two regulators said Hong Kong’s Faster Payment System will be linked to the mainland’s Internet Banking Payment System via the Payment Connect platform.

The new service enables instant, small-value remittances for individuals and institutions, covering tuition, medical bills, utility payments, and salaries. Hong Kong residents can transfer up to HK$10,000 daily and HK$200,000 annually per institution, with transactions available in Hong Kong dollar or yuan and processed 24/7.

Mainland users can remit up to US$50,000 (HK$390,000) annually, with services operating from 7 a.m. to 11 p.m. daily.

At the ceremony, Deputy Director of the Hong Kong and Macau Affairs Office Wang Linggui said the platform will boost financial integration between the two regions.

At the early phrase of Payment Connect, six institutions from each side are participating.

STAFF REPORTER

Mainland-Hong Kong fast payment link officially launched