The collaboration between the Hong Kong Monetary Authority (HKMA) and People’s Bank of China (PBOC) is part of a plan to develop the Greater Bay Area, by introducing cross-border mobile payments, account openings, and other wealth management services.
The HKMA wants to make it easier to carry out cross-border payments through digital wallets, according to Regulation Asia, while also making it easier for Hong Kong residents to open bank accounts in the mainland, particularly in the Greater Bay Area.
The HKMA, PBOC, and other officials from the Greater Bay Area will meet to implement the announced measures. Further details of the plan are set to be released on 21 February.
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