China CITIC Bank International Limited has announced its initiative to launch services related to Payment Connect.
Following this announcement, Payment Connect was developed by the central banks of Hong Kong and mainland China, aiming to link together China’s Internet Banking Payment system (IBPS) and Hong Kong’s Faster Payment System (FPS) to support real-time cross-border payment services for residents in both markets.
In addition, the solution allows real-time, small-value, and cross-boundary remittances for residents on both sides of the border. The institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on CITIC Bank’s launch of Payment Connect services
According to the official press release, the financial institution will focus on the launch in an effort to contribute to the breadth and depth of economic cooperation, as well as the overall exchange between mainland China and Hong Kong. At the same time, as cross-border payments continue to develop, the exchanges between the regions are more frequent, and customers have higher expectations of payment system efficiency.
Furthermore, CNCBI officials have mentioned that, from now until 30 September 2025, the first 1,000 eligible customers who completed at least five inward or outward Payment Connect transactions to a total amount of approximately USD 127 (HKD 1.000) or above each on inMotion may be given the possibility to benefit from a cash rebate of approximately USD 6 (HKD 50).
