The Cross-Border Payment Channel has officially launched, with the first transaction taking place in Shenzhen.

[Cross-border Payment Channel Officially Launched, First Transaction Takes Place in Shenzhen] The cross-border payment channel has officially launched, marking the realization of interconnectivity between the mainland and Hong Kong’s rapid payment systems. In the future, residents of both regions can conduct cross-border remittances in real-time. The first cross-border payment channel transaction for mainland residents remitting southward and Hong Kong residents remitting northward has taken place in Shenzhen. Cross-border payment connectivity refers to the connection of the rapid payment systems of mainland China with those of other monetary authorities, establishing supporting policy arrangements to provide efficient, convenient, and secure cross-border payment services for residents of mainland China and overseas residents. The rapid payment system is a retail financial infrastructure designed for fast payment settlement, characterized by longer operating hours and real-time fund availability for the recipient compared to traditional payment systems. Residents from both locations can use the “Cross-Border Payment” feature in the mobile banking app to input either the phone number or a combination of the account name and the recipient’s account number to make cross-border remittances. Additionally, they can flexibly choose the currency for the remittance to be either Renminbi or Hong Kong Dollar as needed.