Cross-border payment channels officially launched, with 12 pilot banks starting the market battle.

On June 22, Cross-border Payment Pass officially launched and was well received by the people of Shenzhen and Hong Kong. According to statistics from the Hong Kong Monetary Authority, as of 6 pm on June 22, there were approximately 6900 transactions for northbound remittances, with an average transaction amount of about 800 yuan. There were approximately 19,000 transactions for southbound remittances, with an average transaction amount of about 3,100 yuan. Currently, the 12 pilot banks are competing fiercely in the market by waiving fees, cashback mechanisms, etc.