Hong Kong’s Monetary Authority (HKMA) and the People’s Bank of China (PBOC) announced today the launch of Connect on June 22, 2025.
A launch ceremony for Connect Connect was held in Beijing today. Mr. Pan Gongsheng, Governor of PBOC, Mr. Wang LingGui, Deputy Director of the Hong Kong Working Office and the Macao of the Communist Party of the Central Committee of China and the Hong Kong Affairs Office and the Macaian Council Observations were delivered. The ceremony was organized by Mr Lu Lei, PBOC’s deputy commander. Representatives from system operators and participating institutions from mainland and Hong Kong also attended the ceremony.
Connect Paying Connect refers to the connection between the IBPs of the mainland and the faster Hong Kong payment system (FPS), which supports the safe, effective and convenient cross -border payment for residents and institutions in both parties. By simply entering the number or number of the recipient’s mobile or account, residents in both parties can make instantaneous remittances of low value.
Mr. Eddie Yue, chief executive of HKMA, said:
“Connect Connect is one of the key initiatives to enhance cooperation between mainland and Hong Kong. The connection between faster payment systems in both parties enhances the efficiency of cross -border payments, supporting commercial activities and staff exchange. It means another milestone for FPS to the expansion.”
Six institutions from the mainland and Hong Kong will participate in the payment link during launching. They will gradually develop the service and more institutions will participate over time.
Participants:
- Agricultural Bank of China Limited
- Bank of China (Hong Kong) Limited
- Bank of China Limited Bank of East Asia, Limited (The)
- Bank of Communications Co., Ltd.
- China Construction Bank (Asia) Corporation Limited
- China Construction Bank Company
- Hang Seng Bank, Limited
- China Merchants Bank Co., Ltd
- Hongkong and Shanghai Banking Corporation Limited (THE)
- Industrial and Commercial Bank of China Limited
- Industrial and Commercial Bank of China (Asia) Limited