As the first anniversary of the launch of the cross-border payment channel is approaching, the news that the Hong Kong participating institutions of the cross-border payment channel will soon increase its staff has attracted market attention.
According to reports, Standard Chartered Bank (Hong Kong) revealed that it will soon launch a cross-border payment service and is currently undergoing final testing.
On June 5, the Hong Kong Monetary Authority responded that since the launch of the Cross-border Payment Channel, the number of participating institutions in the Cross-border Payment Channel has continued to increase, and the Hong Kong Monetary Authority will update the latest list of participating institutions in Hong Kong in a timely manner.
Cross-border payment link refers to the connection between the mainland’s online payment inter-bank clearing system (IBPS) and Hong Kong’s Faster Payment System (FPS).
The People’s Bank of China and the Hong Kong Monetary Authority jointly promote the interconnection of the fast payment systems in the mainland and Hong Kong to provide residents and institutions in both places with instant cross-border payment services.
On June 22, 2025, the cross-border payment channel was launched.
There are a total of 12 institutions participating in the cross-border payment channel in the first batch (6 on each side). Mainland institutions include ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank; Hong Kong institutions include Bank of China Hong Kong, Bank of East Asia, CCB Asia, Hang Seng Bank, HSBC, and ICBC Asia.
The scope of participation will be gradually expanded in the future.
The reporter learned from the Hong Kong Monetary Authority that since the launch of the cross-border payment channel, the number of institutions participating in the cross-border payment channel has gradually increased.
As of the latest list announced on May 18, 2026, the number of participating institutions of Hong Kong banks has increased to 24, and the number of participating institutions of mainland banks has increased to 14.
The Hong Kong Monetary Authority stated that it will continue to work closely with the People’s Bank of China to continue to optimize cross-border payment services, including exploring the expansion of the scope of personal remittance business processing entities, and expanding remittance application scenarios related to people’s livelihood in the two places to facilitate residents of the two places.
Mr. Chen, a Hong Kong resident, told reporters, “Through cross-border payment to mainland account transfers, cross-border remittances can be received in seconds.”
The reporter learned that cross-border payment supports overseas study payment, medical payment, salary payment and other business scenarios that benefit the integration of people’s livelihood in the two places.
As of the end of March 2026, a total of more than 1.5 million transactions with a total amount of more than 6 billion yuan had occurred in the cross-border payment channel in Shenzhen. The business volume accounted for nearly 30% of the country. It is an important way for residents of Shenzhen and Hong Kong to facilitate remittances.
As the number of participating institutions in cross-border payment channels continues to increase, its service scope and influence are also expanding.
In the future, cross-border payment is expected to play a role in more fields and provide stronger support for economic exchanges and people’s livelihood integration between the two places.
At the same time, the continued cooperation between the Hong Kong Monetary Authority and the People’s Bank of China will also ensure that cross-border payment services are continuously optimized to meet the growing cross-border payment needs of residents and institutions in both places.
