HK-Mainland fast payment link to begin mid-year with quotas

Cross-border fast payment services between Hong Kong and mainland China are expected to launch by mid-2025, the Hong Kong Monetary Authority (HKMA) confirmed, as integration with the mainland’s Internet Banking Payment System progresses. The first phase, connecting Hong Kong’s Faster Payment System (FPS) to the mainland, will include transfer limits. Each Hong Kong resident will be capped at HKD10,000 per day and HKD200,000 annually for northbound remittances per bank account. Southbound transfers for mainland residents will not have a separate quota under the new system, but will remain within the USD50,000 annual cap. Trial runs involving bank staff and clients took place in April. The HKMA said full-service details will be announced in due course.