The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) announced the official launch of Payment Connect, a new cross-boundary payment system linking Hong Kong’s Faster Payment System (FPS) and Mainland China’s Internet Banking Payment System (IBPS). The service will go live on June 22, 2025. At a ceremony held in Beijing, officials from both jurisdictions highlighted the importance of Payment Connect in deepening financial integration between Hong Kong and the Mainland.
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