Trial run for FPS cross-border payment between HK and China starts mid-2025: HKMA

The Hong Kong Monetary Authority (HKMA) said the pilot program for the Faster Payment System (FPS) between the mainland and Hong Kong could be commenced next year.  

HKMA chief executive Eddie Yue Wai-man said Monday that the FPS payment method will be linked to the mainland's Internet Banking Payment System (IBPS), which allows cross-bank transactions using the recipients' mobile numbers only, with small-value payments settled instantly at any time.  

Yue said HKMA is discussing details with the People's Bank of China regarding details such as the exchange rates, transaction restrictions, and available regions.  

Separately, Yue mentioned that Project Ensemble -- a wholesale central bank digital currency initiative -- has a dozen cases undergoing trials, some of which are completed and expected to be announced soon.  

He added that there will also be cross-border applications involving the central banks of Thailand and Brazil, along with further exploration of cross-border financing in the tokenization market.