PBOC: Cross-Border Payment Platform Supports Cross-Border Remittances of Renminbi and Hong Kong Dollars between Mainland China and Hong Kong

The relevant person in charge of the People's Bank of China stated in response to questions from journalists that the Cross-Border Payment System (Cross-Border Payment Pass) connects China's mainland fast payment system with the fast payment systems of other currency authorities, formulates supporting policies and arrangements, and provides efficient, convenient, and secure cross-border payment services for residents of mainland China and overseas residents. Compared to traditional cross-border remittances, Cross-Border Payment Pass effectively shortens the cross-border remittance chain, improves the efficiency of cross-border remittances, and supports users to initiate RMB and HKD cross-border remittances between mainland China and Hong Kong through participating institutions' mobile banking, online banking channels, relying on mobile phone numbers, bank accounts, etc. The first batch of mainland institutions participating in Cross-Border Payment Pass includes Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank, Bank of Communications, and China Merchants Bank; Hong Kong institutions include Bank of China Hong Kong, DBS Bank, Bank of East Asia, Hang Seng Bank, HSBC, and Industrial Bank Asia, and the scope of participation will gradually expand in the future.