Latest news with #FasterPaymentSystem
RTHK
25-06-2025
- Business
- RTHK
'Expand the use of Payment Connect'
'Expand the use of Payment Connect' Johnny Ng has proposed a dedicated channel under the Payment Connect system for property transactions involving mainland talent in Hong Kong. Photo: RTHK Lawmaker Johnny Ng said he believes that the newly-launched Payment Connect system could gradually be expanded to cover more commercial activities in future, such as transactions of e-commerce, properties, or even digital yuan and stable coins. Operations have been smooth for the cross-border payment service, which links the city's Faster Payment System (FPS) and the mainland's Internet Banking Payment System (IBPS), since its launch on Sunday. Speaking on RTHK's "In the Chamber" programme, Ng believes the current quota set for cross-border transactions is sufficient to meet people's needs. But he also called on authorities to explore other potential use, such as property transactions for top mainland talent in the SAR. "For example, can we develop a closed-loop system for the safe arrival of mainland funds in Hong Kong, that can also help track the asset [flows], and see if it can also be used for sending the proceeds from the sale of local properties back to the mainland?" he said. "I think such a dedicated channel could be established under the cross-border Payment Connect." Ng suggested the system could also cover cross-border e-commerce activities. "Now many Hongkongers are buying products from the mainland through the e-commerce platforms, while mainland consumers are also purchasing products from overseas. "So can we achieve the better integration of payment, customs declaration and logistics on cross-border e-commerce? I think the Payment Connect definitely has the potential to help with such application scenarios," he added, noting the ideas were also discussed during the annual "Two Sessions" meetings among SAR delegates earlier this year. Ng, who is a member of the Chinese People's Political Consultative Conference, added that Payment Connect can also be used for transactions of digital yuan and even stable coins, which is one of the industries the city is seeking to promote.
RTHK
22-06-2025
- Business
- RTHK
'New Payment Connect service is fast and convenient'
'New Payment Connect service is fast and convenient' The Monetary Authority said Payment Connect had a smooth start on Sunday. File photo: RTHK Finance sector lawmaker Ronick Chan on Sunday said a new cross-border electronic payment service is convenient for both Hong Kong and mainland people. His comment came as the Payment Connect had a smooth start, with thousands of payments made on the first day of operation. There were 2,000 northbound transactions and 7,400 southbound payments made as of noon on Sunday, according to the Monetary Authority. The new service links up Hong Kong's Faster Payment System with the mainland's Internet Banking Payment System, allowing FPS users to transfer up to HK$10,000 a day per account to the mainland, with an annual cap set at HK$200,000. Speaking to RTHK, Chan said the new system has proven to be a quick and easy money transfer mechanism. He said in the past, remittances had to be handled by banks during office hours and the process took one to two days to be completed. 'Right now, it takes just a few seconds' time to complete the whole transaction. I think it really offers members of the public in both the mainland and Hong Kong a very convenient way of completing their money transfer,' he said. Chan also said the current limit for transactions is sufficient for users, adding that people can transfer money via different bank accounts if necessary.
South China Morning Post
20-06-2025
- Business
- South China Morning Post
China grants Hong Kong new yuan quota as Payment Connect kicks off for 315 million users
China's financial authorities have granted Hong Kong residents a new daily remittance quota for the yuan, as a cross-border electronic transactions service prepares to kick off, linking 315 million users between the city and the mainland. Starting from noon on Sunday, the 17 million registered users of Hong Kong's Faster Payment System (FPS) will be able to remit up to HK$10,000 (US$1,282) per day for each bank account to 298 million users on the mainland's Internet Banking Payment System (IBPS) via the Payment Connect. The scheme, supported by six banks each on the mainland and in Hong Kong, will let users transfer money across borders to pay for travel, meals, education, medical services, salaries and other daily activities, according to the Hong Kong Monetary Authority (HKMA). 'We will continue to explore other use cases,' said Nelson Chow, the HKMA's executive director for financial infrastructure, during a briefing on Friday. 'The infrastructure of cross-border payment is now up, like a highway for payments. We just need to continue to explore more use cases in future.' Eddie Yue Wai-man, the chief executive of the Hong Kong Monetary Authority (HKMA), during the launch of the Payment Connect scheme with the People's Bank of China in Shanghai on June 20, 2025. Photo: PBOC The scheme, in development since August last year by the HKMA and the People's Bank of China , will revolutionise cross-border remittances for individuals and businesses, while boosting Hong Kong's status as an international financial centre and a trading hub for offshore yuan, said the HKMA's chief executive Eddie Yue Wai-man. Mainland residents are still limited to US$50,000 in annual overseas remittances, while Hong Kong residents are subject to an 80,000 yuan (US$11,129) ceiling in daily transfers to accounts of the same name on the mainland. Using Payments Connect, transfers for medical bills, tuition fees or daily needs can be unlimited. Employers can also remit salaries across borders, subject to pre-approvals by banks, said Stephen Pang, the HKMA's senior manager for financial infrastructure development.
RTHK
20-06-2025
- Business
- RTHK
HKers can use FPS for payments up north from Sunday
HKers can use FPS for payments up north from Sunday HKMA chief executive Eddie Yue says Payment Connect will allow local residents to make transfers of small sums in a much simpler way. Photo: RTHK China's central bank governor Pan Gongsheng hails Payment Connect as a milestone in deepening financial connectivity between Hong Kong and the mainland. Photo: RTHK Residents from Hong Kong and the mainland will soon be able to use a new fast payment tool to conduct cross-border transactions involving small sums in real time from Sunday, with monetary authorities from both sides hailing the launch as a milestone in deepening connectivity. The announcement came after the Hong Kong Monetary Authority's launch on Friday of the cross-border payment method, Payment Connect, which links its electronic payment network – Faster Payment System (FPS) – with the mainland's Internet Banking Payment System. The linkage allows cross-bank transactions using simply the recipients' mobile numbers or account numbers, with small-value payments settled instantly at any time. "I'm very much looking forward to Sunday when we will further connect the fast payment systems between Hong Kong and the mainland using Payment Connect, as it breaks through the boundaries of time and place," HKMA chief executive Eddie Yue said at the launching ceremony in Beijing. "Residents from both places will only need to click on our phones, enter the recipient's mobile phone number, and they can easily make small personal remittances or pay for various living expenses [using it], achieving simple and immediate transfers," he said, adding that the FPS system has been very popular among Hong Kong residents since 2018. Under the new service, residents can use FPS to transfer small sums of up to HK$10,000 each day per account to the mainland, while the total annual remittance limit is set at HK$200,000. And such transfers will not affect another 80,000 yuan of northbound daily quota set for local residents. While there's no limit set for mainland residents using the tool for southbound transfers, they will still be subject to the current annual foreign exchange quota of US$50,000 per person. The launch of the tool also comes as the number of FPS users closes on 17 million, with one million new accounts being set up in the first five months of the year. The number of registered users is far more than the total population of Hong Kong as an individual can have more than one account. For his part, People's Bank of China governor Pan Gongsheng said the launch marks another milestone in the deepening of financial connectivity between Hong Kong and the mainland, as Beijing highly values the SAR as a global financial centre. "The cross-border Payment Connect, which is directly connected to the infrastructure of the monetary authorities of the two places, provides online fast bilateral local currency and bilateral renminbi remittance services for residents of the two places, which will further enhance the efficiency and experience of cross-border payments," he said. "It'll also provide conveniences for economic and trade cooperation as well as personnel exchanges between Hong Kong and the mainland, injecting new vitality into Hong Kong's development while further promoting the cross-border adoption of the renminbi," he added. The two sides have been working on the service since August. The new tool will see six SAR banks join the first batch of institutions to provide such services – Bank of China (Hong Kong), HSBC, Hang Seng Bank, Bank of East Asia, as well as two state-backed lenders. There'll also be six mainland banks supporting the tool.
South China Morning Post
18-05-2025
- Business
- South China Morning Post
Bank in Hong Kong investigates unauthorised transactions on payment system FPS
A mainland Chinese bank in Hong Kong is investigating unauthorised transactions on the Faster Payment System (FPS) involving one of its clients, the Post has learned, with experts saying breaches on the widely used platform are uncommon and may involve hacking. Advertisement A client of the China Construction Bank (Asia) in Hong Kong told the Post that she had never used FPS but lost HK$20,000 (US$2,560) in two unauthorised transactions via the platform to an account with Ant Bank under a mainland name on April 1. The victim, a businesswoman surnamed Chen, said three other transactions totalling HK$30,000 made consecutively with the first two transfers were blocked by the bank, despite the lender telling her initially that it did not find any problems with its security systems. Chen said she was later asked by the lender to file a report to police, who in turn told her that FPS breaches were uncommon and that her bank had the responsibility to liaise with Ant Bank to reclaim the loss. Chen said that during the process of seeking recourse, she felt furious and helpless as she received little explanation as to how the bank would look into her losses while police had not yet updated her about their investigation. Advertisement 'It was this feeling of being very helpless ... We're not protected by the bank; we're not protected by police,' Chen said.
