“Cross-Border Pay Connect” Officially Launched, First Transactions Completed in Shenzhen

On June 22, the “Cross-Border Pay Connect” platform was officially launched, marking the successful interconnection of fast payment systems between Mainland China and Hong Kong. According to the Shenzhen branch of the People’s Bank of China, the first Southbound remittance by a Mainland resident and Northbound remittance by a Hong Kong resident were both processed in Shenzhen on the same day.

The remittance limits are clearly defined: for Southbound transactions, the platform maintains the existing annual foreign exchange purchase limit of USD 50,000 per person. For Northbound remittances, the cap is HKD 10,000 per person per day, and HKD 200,000 per person per year (as calculated per participating institution).

Cross-Border Pay Connect represents a significant innovation in the integration of financial infrastructure between Mainland China and Hong Kong. By leveraging both regions’ established fast payment systems, the platform aims to provide more cost-effective, efficient, and convenient cross-border remittance services. Users in both regions can access the service through their mobile banking apps by entering a phone number or the recipient’s name and account number. They can also choose to have the funds credited in either RMB or HKD.

A Shenzhen resident, Ms. Fang, praised the platform’s convenience. She noted that she used to exchange RMB to HKD and wait at least half a day for her remittances to reach her daughter studying in Hong Kong. Using Cross-Border Pay Connect, she was able to send RMB 10,000 instantly through the China Merchants Bank app by entering her daughter’s name and account number.
Hong Kong resident Mr. Yip also spoke positively about the new service. After receiving a notification from Bank of China, he linked his Mainland phone number to his account and completed a Northbound transfer on the day of the launch. He stated that he no longer needs to pre-transfer funds to a Mainland account when visiting Shenzhen and that the new system is easy to use, instantaneous, and fee-free.

Due to geographic proximity, Shenzhen and Hong Kong maintain close trade and population flows. The Shenzhen branch of the People’s Bank of China has long supported financial integration between the two cities. Since 1998, several cross-border financial initiatives have been piloted, including joint bill settlements, real-time foreign currency credits, proxy collections and payments, cross-border RMB transactions, and electronic cheques. In 2024, cross-border transactions between Shenzhen and Hong Kong totaled 6.178 million, with a combined value of USD 953.67 billion. Real-time settlement in USD, HKD, and RMB, and the use of cheques, have promoted economic convergence between the two cities.

Shenzhen has continued to innovate in cross-border payment services and was the first to implement proxy account openings, “offshore card binding,” and “domestic use of outsourced services.” These initiatives have significantly improved payment convenience for Hong Kong residents. As of May 2025, Hong Kong residents had opened more than 3.21 million bank accounts in Shenzhen, including over 410,000 proxy accounts, with total transactions nearing RMB 35.1 billion.

According to the Hong Kong Monetary Authority, remittance limits for personal users are as follows: for Southbound remittances, the annual cap remains at USD 50,000; for Northbound remittances, the daily limit is HKD 10,000 and the annual limit is HKD 200,000 (per institution).

Cross-Border Pay Connect supports the following primary remittance scenarios: Firstly, Southbound transfers from Mainland residents to Hong Kong bank accounts, with options to remit in RMB and credit in RMB or HKD. Secondly, Northbound transfers from Hong Kong residents to Mainland bank accounts, with options to initiate in HKD or RMB and settle in RMB. Finally, Two-way RMB transfers between individuals and institutions, applicable to tuition payments, utility bills, medical expenses, salary disbursement, and subsidies, with options for bilateral domestic currency or RMB.
A spokesperson from the Shenzhen branch of the People’s Bank of China stated that Shenzhen plays a crucial role as the switching hub for the platform. The launch of Cross-Border Pay Connect is expected to enhance the efficiency, safety, and convenience of transactions between Shenzhen and Hong Kong, accelerate integration within the Guangdong-Hong Kong-Macao Greater Bay Area, and further support the development of Hong Kong as an international financial center.

Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, noted that Cross-Border Pay Connect is an important cooperative measure between Mainland China and Hong Kong. By linking their respective fast payment systems, the platform significantly improves cross-border transaction efficiency, facilitates economic activity and population movement, and helps reinforce Hong Kong’s status as an international financial center and offshore RMB hub