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The Hong Kong Monetary Authority (HKMA) has announced plans to connect the Hong Kong FPS with mainland China’s Internet Banking Payment System (IBPS) this year, enabling small cross-border transactions using mobile phone numbers.
Based on South China Morning Post, three more banks, HSBC, Standard Chartered, and Bank of Communications, will now offer remote account-opening services for Hong Kong residents seeking to set up mainland accounts without needing to travel. These institutions join five other banks that have provided similar services since 2019.
Eddie Yue
“These measures will allow Hong Kong residents who want to travel, live or work on the mainland while enjoying convenient banking services and cross-border payment services for their daily expenses,” said Eddie Yue Wai-man, CEO of the HKMA, speaking at the Asian Financial Forum on Monday.
Integrating FPS with IBPS will allow users on either side of the border to transfer small sums instantly. According to Stephen Pang, the HKMA’s acting head of financial infrastructure, the technical work to link the two systems was finalised in December, and the initial rollout of services is anticipated by midyear. Pang refrained from providing further details.
The Hong Kong FPS, created by the HKMA, simplifies bank transfers by enabling users to send money using identifiers such as phone numbers. As of July, there were 14.95 million FPS accounts registered, a figure exceeding Hong Kong’s population due to individuals having multiple accounts.
In a separate milestone, FPS was connected to Thailand’s PromptPay service in December 2023. This allows Hongkongers travelling in Thailand to use their phones for payments of up to HK$10,000 (US$1,282) daily.
Meanwhile, Hong Kong residents can now open mainland bank accounts remotely through attestation services offered by HSBC, Standard Chartered, and Bank of Communications.
These banks are the latest additions to a program that began in 2019 with the Bank of China and later expanded to include other major banks, such as the Industrial and Commercial Bank of China and the Bank of East Asia.
Since the initiative’s launch, approximately 410,000 mainland accounts have been opened remotely.
Kenneth Hui
“There is strong demand for Hong Kong residents to open mainland bank accounts through Hong Kong bank branches. The addition of these three major banks will make it more convenient for Hongkongers to have bank account services on the mainland.”
