China's central bank and the monetary authority of Hong Kong Special Administrative Region on Friday launched a payment connect system to facilitate transregional payment for residents on both sides.
The payment connect will begin operations on Sunday, according to the People's Bank of China (PBOC).
Linking the mainland's Internet Banking Payment System and Hong Kong's Faster Payment System, the payment connect enables residents on both sides to perform transregional remittances only by entering the recipient's phone number or bank account number into their mobile phones, greatly improving the efficiency.
"Customers can find the transregional payment entrance on the function page to initiate a remittance as long as they have the latest version of mobile banking applications on their phones. They can also initiate a remittance to a mobile phone number without having to fill in other account information, which greatly facilitates personal remittance," said Fan Yaosheng, general manager of the Payment and Settlement Department of the Bank of China.
"This is the transregional payment page of our application. Just like our current domestic remittances, all functions on this page rely on the central bank's transregional payment system, and the funds are credited in real time. This solves the problems that cannot be solved in the existing transregional payment system," said Yang Yuhong, general manager of the Internet Finance Department of the Agricultural Bank of China.
In addition to higher efficiency, the costs for transregional payments will also be reduced significantly with the new system in place.
"The traditional transregional payment system takes more steps and more institutions to transfer funds and handle the related businesses. More steps mean higher costs. Now, the two financial infrastructure facilities will be directly connected. Without these intermediate steps, the costs will be greatly reduced," said Chen Zhaoxu, general manager of the Personal Banking Department of the Industrial and Commercial Bank of China.
As the integrated development of the Guangdong-Hong Kong-Macao Greater Bay Area advances, the economies and people's life on both sides have become closer, boosting transregional payment needs in education, traveling, and employment, and the payment connect will offer residents in the Greater Bay Area a safe and convenient payment option.
"Enabling real-time exchange and settlement of Hong Kong dollars and Chinese yuan, the payment connect will effectively promote residents' exchanges and businesses' cooperation in the Greater Bay Area, and lay a solid foundation for further improving people's well-being and promoting the integrated economic development in the region," said Chen Wen, vice president of Bank of China (Hong Kong).
China launches mainland-HK payment connect
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
China, Lesotho to strengthen exchanges, advance cooperation
