China grants Hong Kong new yuan quota as Payment Connect kicks off for 315 million users

Starting from noon on Sunday, the 17 million registered users of Hong Kong’s FPS will be able to remit up to HK$10,000 per day to 298 million users on the mainland’s IBPS

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An image of the Faster Payment System (FPS), which recorded 17 million users as of March 2025. Photo: handout

Published: 6:59pm, 20 Jun 2025Updated: 8:32pm, 20 Jun 2025

China’s financial authorities have granted Hong Kong residents a new daily remittance quota for the yuan, as a cross-border electronic transactions service prepares to kick off, linking 315 million users between the city and the mainland.

Starting from noon on Sunday, the 17 million registered users of Hong Kong’s Faster Payment System (FPS) will be able to remit up to HK$10,000 (US$1,282) per day for each bank account to 298 million users on the mainland’s Internet Banking Payment System (IBPS) via the Payment Connect.

The scheme, supported by six banks each on the mainland and in Hong Kong, will let users transfer money across borders to pay for travel, meals, education, medical services, salaries and other daily activities, according to the Hong Kong Monetary Authority (HKMA).

“We will continue to explore other use cases,” said Nelson Chow, the HKMA’s executive director for financial infrastructure, during a briefing on Friday. “The infrastructure of cross-border payment is now up, like a highway for payments. We just need to continue to explore more use cases in future.”

Eddie Yue Wai-man, the chief executive of the Hong Kong Monetary Authority (HKMA), during the launch of the Payment Connect scheme with the People’s Bank of China in Beijing on June 20, 2025. Photo: PBOC

The scheme, in development since August last year by the HKMA and the People’s Bank of China, will revolutionise cross-border remittances for individuals and businesses, while boosting Hong Kong’s status as an international financial centre and a trading hub for offshore yuan, said the HKMA’s chief executive Eddie Yue Wai-man.

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