Jointly launched by the People's Bank of China and the Hong Kong Monetary Authority, the Mainland-Hong Kong Cross-Border PayLink recorded nearly 30,000 transactions on its first day of operation on Sunday (June 22).
According to comprehensive reports from Hong Kong's Sing Tao Daily and Securities Times China, the Hong Kong Monetary Authority stated that the service for Mainland-Hong Kong Cross-Border PayLink operated smoothly. As of 6 p.m. on Sunday, the number of Northbound remittance transactions was about 6,900, with an average transaction amount of approximately 800 yuan (RMB, equivalent to 144 SGD); the number of Southbound remittance transactions was about 19,000, with an average transaction amount of approximately 3,100 yuan.
Bank of China (Hong Kong) said the bank's first Northbound remittance transaction involved a Chinese shipping management company in Hong Kong issuing RMB salary payouts to its mainland employees' accounts, with salaries credited in real-time. For Southbound collection, a Hong Kong tertiary institution received cross-border fee payments from individuals in the mainland.
The Shenzhen branch of the People's Bank of China said the country's first mainland resident Southbound and Hong Kong resident Northbound remittance transactions through PayLink were completed in Shenzhen on Sunday.
The People’s Bank of China and the Hong Kong Monetary Authority signed a memorandum of understanding in August last year regarding cross-border payment interoperability between mainland China and Hong Kong. Both parties held a launch ceremony for Cross-Border PayLink in Beijing last Friday (the 20th).
According to a joint statement, the PayLink system directly connects the mainland’s online interbank payment clearing system (IBPS) with Hong Kong's Faster Payment System (FPS), enabling participating institutions to provide efficient, convenient, and secure cross-border payment services for residents in both regions.
Hong Kong media reported that in its initial phase, Mainland-Hong Kong Cross-Border PayLink covers person-to-person (P2P) and remittances related to people's livelihoods, such as tuition fees, medical expenses, and utility bill payments, as well as institution-to-person remittances, such as salary payments. Residents in both regions can make instant small-value cross-border remittances by entering the recipient's mobile phone number or account number, with no need for remittance supporting documents.
At launch, there are six participating institutions in each region. For the mainland: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank. For Hong Kong: Bank of China (Hong Kong), Bank of East Asia, CCB (Asia), Hang Seng Bank, HSBC, and ICBC (Asia).
According to comprehensive reports from Hong Kong's Sing Tao Daily and Securities Times China, the Hong Kong Monetary Authority stated that the service for Mainland-Hong Kong Cross-Border PayLink operated smoothly. As of 6 p.m. on Sunday, the number of Northbound remittance transactions was about 6,900, with an average transaction amount of approximately 800 yuan (RMB, equivalent to 144 SGD); the number of Southbound remittance transactions was about 19,000, with an average transaction amount of approximately 3,100 yuan.
Bank of China (Hong Kong) said the bank's first Northbound remittance transaction involved a Chinese shipping management company in Hong Kong issuing RMB salary payouts to its mainland employees' accounts, with salaries credited in real-time. For Southbound collection, a Hong Kong tertiary institution received cross-border fee payments from individuals in the mainland.
The Shenzhen branch of the People's Bank of China said the country's first mainland resident Southbound and Hong Kong resident Northbound remittance transactions through PayLink were completed in Shenzhen on Sunday.
The People’s Bank of China and the Hong Kong Monetary Authority signed a memorandum of understanding in August last year regarding cross-border payment interoperability between mainland China and Hong Kong. Both parties held a launch ceremony for Cross-Border PayLink in Beijing last Friday (the 20th).
According to a joint statement, the PayLink system directly connects the mainland’s online interbank payment clearing system (IBPS) with Hong Kong's Faster Payment System (FPS), enabling participating institutions to provide efficient, convenient, and secure cross-border payment services for residents in both regions.
Hong Kong media reported that in its initial phase, Mainland-Hong Kong Cross-Border PayLink covers person-to-person (P2P) and remittances related to people's livelihoods, such as tuition fees, medical expenses, and utility bill payments, as well as institution-to-person remittances, such as salary payments. Residents in both regions can make instant small-value cross-border remittances by entering the recipient's mobile phone number or account number, with no need for remittance supporting documents.
At launch, there are six participating institutions in each region. For the mainland: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank. For Hong Kong: Bank of China (Hong Kong), Bank of East Asia, CCB (Asia), Hang Seng Bank, HSBC, and ICBC (Asia).