A revolutionary financial service has commenced operations, enabling effortless transfers between Hong Kong and mainland China. This initiative, referred to as Payment Connect, has already demonstrated its effectiveness with a significant number of transactions completed within the first day alone. By early evening, there were nearly 6,900 northbound and 19,000 southbound transactions, reflecting an impressive start for this cross-border payment system. The average amounts transferred indicate varying usage patterns, with northbound transactions averaging approximately 800 yuan and southbound transactions averaging around 3,100 yuan.

Facilitating this advancement is the integration of Hong Kong's Faster Payment System (FPS) with mainland China's Internet Banking Payment System (IBPS). With this linkage, millions of users can now conveniently transfer funds across borders to cover various daily needs such as travel, dining, education, healthcare, salaries, and more. Authorities have established specific limits to ensure stability and security in these transactions. For instance, Hong Kong residents are permitted to remit up to HK$10,000 per day for each linked bank account, while mainland citizens adhere to an annual cap on overseas remittances. This collaboration not only enhances convenience but also strengthens Hong Kong's role as a pivotal international financial hub.

This new service marks a milestone in financial innovation and cooperation between Hong Kong and mainland China. By expanding the daily remittance quota for Hong Kong residents, it underscores the commitment to fostering greater economic integration and connectivity. Institutions like the Bank of China (Hong Kong) have successfully executed several transactions under this framework, demonstrating the practicality and efficiency of Payment Connect. As more use cases continue to be developed, this system promises to further streamline cross-border interactions and contribute positively to regional economic growth, symbolizing a step forward in global financial inclusivity and accessibility.