HKAB welcomes “Payment Connect”
(June 20, 2025) – The Hong Kong Association of Banks (HKAB) welcomes the joint announcement by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) today on the linkage of two faster payment systems – the Internet Banking Payment System (IBPS) in the Mainland and the Faster Payment System (FPS) in Hong Kong on 22 June. The HKAB and the local banking industry have been working closely with the HKMA in developing and implementing this scheme.
“Payment Connect” supports real-time, small value, cross-boundary remittances made by residents in both places by entering the recipient’s mobile number or account number. Enhancements will be introduced progressively over time, guided by experience gained during implementation as well as feedback and evolving expectations from the public and industry.
The HKAB encourages the public to take full advantages of the convenience, accessibility and reliability of Payment Connect. We will continuously support initiatives that facilitate broader economic cooperation and exchange between the Mainland, Hong Kong and global partners.