Mainland China and Hong Kong initiate the Payment Connect scheme, aiming to streamline financial transactions and boost capital movement.
Revamped Article:
Payment Link-Up Programme!
Gear up for a seamless, quicker payment experience! The Payment Link-Up programme, a combo of the mainland’s Internet Banking Payment System (IBPS) and Hong Kong’s Faster Payment System (FPS), is about to take your payday transactions to the next level!
Starting this Sunday, you can now zip through your payments and wire transfers like never before.
"This is another giant leap in financial collaboration between us and the Hong Kong," Pan Gongsheng, governor of the People's Bank of China, cheered during the launch celebration on Friday in Beijing. "It unquestionably highlights the central government's commitment to enhancing and improving Hong Kong’s global financial presence."
What does this have in store for us?
This revolutionary link-up offers:
- A Slicker Experience: Say goodbye to the delays as you now enjoy real-time cross-border transactions. This newfound ease is perfect for your everyday tasks, jet-setting adventures, educational endeavors, and business operations.
- Superior Efficiency: Get ready for instant remittances for salary disbursements, tuition fees, medical bills, and countless other applications. Efficiency is key for cultivating financial cooperation and sparking economic and trade activities between both regions.
- Financial Integration: The programme supports the use of Renminbi and Hong Kong dollars for remittances, fostering financial integration and people flow amongst the two regions. This integration magnifies Hong Kong's stature as a global financial center and an offshore hub for the Renminbi.
- Economic Leap: By enabling smooth cross-border transactions, Payment Link-Up can boost economic activities and solidify Hong Kong's competitive position in the global financial scene.
Eddie Yue, CEO of the Hong Kong Monetary Authority, hailed the launch, emphasizing that residents and businesses will gain access to a secure, efficient, and convenient payment alternative. He also applauded the augmented economic cooperation.
Join us in welcoming the Payment Link-Up programme - bringing new life to the financial landscape!
The Payment Link-Up programme, by supporting the use of Renminbi and Hong Kong dollars for remittances, fosters financial integration and enhances economic activities, thereby magnifying Hong Kong's stature as a global financial center and an offshore hub for the Renminbi in business and trade transactions.
The superb efficiency offered by the Payment Link-Up programme, with instant remittances for various applications such as salary disbursements, tuition fees, and medical bills, will significantly boost financial cooperation and spur economic and trade activities between the mainland and Hong Kong.
