The Hong Kong Monetary Authority and the People's Bank of China announced that the "Cross-border Payment Pass" will be launched next Sunday (22nd). "Cross-border Payment Pass" is the interconnection between the mainland's online payment interbank clearing system (IBPS) and Hong Kong's fast payment system "FPS". Residents of the two places can make instant small cross-border remittances by entering the recipient's mobile phone number or account number.
Daily limit of 10,000 yuan per bank
For northbound cross-border remittances by Hong Kong residents, people holding Hong Kong identity cards can remit up to 10,000 Hong Kong dollars to the mainland per bank per day, with an annual limit of 200,000 Hong Kong dollars. The relevant limit is independent of the current daily RMB 80,000 remittance limit for the same name. For southbound remittances, the limit is the current individual annual foreign exchange purchase facilitation quota of 50,000 US dollars, providing RMB remittance, Hong Kong dollar and RMB collection options.
In the initial launch of "Cross-border Payment Pass", there are 6 participating institutions in the two places respectively. The service will be launched in succession and more participating institutions will be gradually added.
HKMA Chief Executive Eddie Yue said that "Cross-border Payment Pass" is one of the important measures for cooperation between the Mainland and Hong Kong. By connecting the two places' fast payment systems to achieve interconnection, it effectively improves cross-border payment efficiency, facilitates economic and trade activities and personnel exchanges, and is conducive to consolidating and enhancing Hong Kong's status as an international financial center and offshore RMB business hub. "Cross-border Payment Pass" can better meet the needs of residents in both places for cross-border remittances and payments, benefiting people's livelihood needs, and also marks that Hong Kong FPS has made further achievements in expanding cross-border payments.
Original URL:on.cc
