Cross border Payment Connect was officially launched on the 22nd, providing efficient, convenient, and secure cross-border payment services for residents and institutions in mainland China and Hong Kong, further strengthening financial connectivity between mainland China and Hong Kong, and promoting the cross-border use of RMB. Through the direct connection between the Mainland's online payment interbank clearing system and the Hong Kong Quick Payment System, Cross border Payment Connect supports users to initiate cross-border remittances of RMB and HKD between Mainland China and Hong Kong through participating institutions' mobile banking, online banking, and other channels, relying on mobile phone numbers, bank accounts, etc. Remittances within a certain amount under current account can be received in real time. According to data from the Hong Kong Monetary Authority, as of 6pm on the 22nd, there were approximately 6900 transactions of northbound remittances, with an average transaction amount of about RMB 800 per transaction. The transaction volume of southbound remittance is about 19000, with an average transaction amount of about 3100 RMB per transaction. The Hong Kong Monetary Authority will continue to monitor the usage situation and summarize experience, and work together with the industry to optimize user experience and improve payment processes. On the morning of the 22nd, Hong Kong Legislative Council member Chen Zhenying tried out Cross border Payment Connect. She transferred a RMB payment from her personal bank account in Hong Kong to her personal account in mainland China, and the process was smooth and fast, taking only a few seconds to receive the payment. He said that in the past, cross-border remittances needed to be applied for at the bank, and even if processed online, they could only be processed during business hours, which required time and a certain handling fee for receiving the funds. Cross border payment platforms can save time and money costs, and facilitate personal financial transactions between two places, such as paying tuition fees or remitting money to family and friends. It is understood that Hong Kong residents can use cross-border payment to transfer money to the north with a daily limit of HKD 10000 per person and an annual limit of HKD 200000. The limit is independent of the current daily limit of RMB 80000 with the same name, and is available 24 hours a day. Hong Kong remitters can choose to make northbound remittances in Hong Kong dollars or Chinese yuan, while recipients can receive payments in Chinese yuan. In terms of southbound remittances, the maximum remittance limit for mainland residents is the current personal annual foreign exchange purchase convenience limit of 50000 US dollars, and the service hours are from 7am to 11pm daily. Hong Kong recipients can choose to receive payments in Hong Kong dollars or Chinese yuan. Among the first batch of institutions participating in Cross border Payment Connect, six are from Hong Kong, namely Bank of China Hong Kong, Bank of East Asia, CCB Asia, Hang Seng Bank, HSBC, and ICBC Asia. HSBC announced that starting from the 22nd, individual customers in Hong Kong can transfer RMB to the designated receiving bank account of individuals or specific enterprises in mainland China. They only need to enter the recipient's registered mobile phone or account number to conduct the transaction. HSBC Hong Kong Chief Executive Carrie Lam said that Cross border Payment Connect will enhance the convenience and efficiency of cross-border tourism, education, and daily activities, benefiting individuals and businesses. HSBC will continue to research more application scenarios and continuously improve customers' cross-border experience. Hang Seng Bank's Executive Director and CEO, Shi Yingyin, stated that the launch of Cross border Payment Connect marks a new milestone in the interconnectivity between mainland China and Hong Kong, and Hang Seng actively supports this arrangement. With the increasing frequency of cross-border economic activities between mainland China and Hong Kong, the market's demand for efficient and convenient remittance and payment solutions is growing. The new arrangements will improve the speed and efficiency of transaction processing, allowing customers to enjoy the convenience brought by deepening economic and trade cooperation. Hong Kong welcomes the launch of Cross border Payment Connect. Hong Kong Legislative Council member Li Weihong stated that Cross border Payment Connect makes cross-border payments faster and more convenient, increases citizens' cross-border payment methods, reflects the country's further opening up to the outside world, and enhances the accessibility and convenience of financial services. (New Society)