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PBoC and HKMA to link up instant payment systems

Trial in 2025 will allow residents to make cross-border small-value transactions

Eddie Yue
HKMA chief executive Eddie Yue
HKMA

The People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) are planning to launch a pilot next year to link up the fast payment systems of mainland China and Hong Kong, according to HKMA chief executive Eddie Yue.

The trial will involve connecting the mainland’s Internet Banking Payment System (IBPS) and Hong Kong’s Faster Payment System (FPS), Yue told reporters on the sidelines of the Hong Kong Fintech Week on October 28.

The initiative will allow Hong Kong residents to make

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