On June 22, the cross-border payment service was officially launched through the joint efforts of the People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA), marking the interconnection of fast payment systems between the Chinese mainland and Hong Kong. Residents in both regions can now make real-time cross-border transfers.
The first transactions were completed in Shenzhen’s Luohu district. As a key innovation in financial infrastructure connectivity, the platform leverages the mature fast payment systems on both sides to provide cheaper, faster, and more convenient cross-border remittance services. Users can transfer funds by simply entering a phone number or a combination of recipient name and account number in the relevant module on mobile banking apps, with the option to settle in either renminbi (RMB) or Hong Kong dollars (HKD).
Guided by the PBOC, the Shenzhen branch has long led efforts to deepen cross-border financial cooperation. Since 1998, it has pioneered initiatives such as joint bill clearing, real-time foreign currency crediting, proxy collection and payment, cross-border RMB transactions, and electronic checks. In 2024 alone, Shenzhen-Hong Kong cross-border settlements reached 6.178 million transactions, totaling $953.67 billion, with real-time clearing available in USD, HKD, and RMB. Cross-border check circulation is also supported.
As of May 2025, Hong Kong residents had opened more than 3.21 million bank accounts in Shenzhen, including over 410,000 accounts opened via cross-border proxy-assisted remote onboarding. These accounts have recorded nearly 35.1 billion yuan in cumulative transactions, accounting for 90% of such activity in the Guangdong-Hong Kong-Macao Greater Bay Area.
An official from the PBOC Shenzhen branch highlighted Shenzhen’s role as the conversion hub for the cross-border payment service, noting that the platform enhances financial infrastructure to support safer, more efficient services for trade and travel between the two regions. It is expected to accelerate regional integration and further strengthen Hong Kong's position as an international financial center.