Dah Sing Bank has announced the launch of its Payment Connect Service, offering instant cross-border remittance services between Hong Kong and Mainland China.
Following this announcement, the product will enable clients who are holding a Hong Kong Identity Card to make cross-border payments and remittance solutions between Hong Kong and Mainland China.
Being jointly promoted by the Hong Kong Monetary Authority and the People’s Bank of China, the service was developed in order to connect Hong Kong’s Faster Payment System with Mainland China’s Internet Banking Payment System. This initiative aims to deepen financial integration between the two regions, as well as to improve payment efficiency for residents of the Greater Bay Area.
More information on Dah Sing Bank’s Payment Connect Service launch
Guided by the customer-centric initiative, Dah Sing Bank will continue to focus on supporting relevant policies. At the same time, the bank now further supports the `Payment Connect` strategy led by the HKMA, which was developed to leverage financial technology to streamline cross-boundary transactions, facilitate safer fund flows between the two regions, as well as provide optimised convenience for customers’ personal and commercial activities.
According to the official press release, the service was designed for simplicity and convenience, as it will provide customers holding a Hong Kong Identity Card with the possibility to access it via Dah Sing eBanking and Mobile Banking, eliminating the need to visit a branch or complete lengthy forms. In addition, by entering the recipient’s mobile number or bank account number, users can make instant, small-value remittances to participating banks in the Mainland China.
Furthermore, transfers in CNY or HKD from Chinese Mainland banks can also be received without additional handling fees.
Dah Sing Bank is set to remain committed to investing in digital financial services and optimising cross-boundary payment capabilities, as well as supporting the development of financial technology and growing alongside its customers.
