Cooperation Between China and Hong Kong SAR: Advancing the Linkage of Fast Payment Systems

On August 2, 2024, the People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) signed a Memorandum of Understanding (MOU) to establish a framework for connecting payment systems between mainland China and Hong Kong. The agreement was signed by PBOC Deputy Governor Lu Lei and HKMA Deputy Chief Executive Howard Lee.

During the meeting, the two officials exchanged views on various topics of mutual interest, including financial cooperation between the Mainland and Hong Kong and advancing the linkage of fast payment systems. These efforts are set to pave the way for seamless and efficient cross-boundary payment connectivity, creating new opportunities for businesses and individuals in both regions. This initiative further solidifies Hong Kong’s position as a leading international financial center.

Hong Kong SAR continues to affirm its ambition as a prime location for doing business, especially for those focused on mainland China, the Asia-Pacific region, and global markets.

If you’re looking to establish your business with a focus on the Mainland, Asia-Pacific, or global markets, Hong Kong SAR stands out as an ideal choice.

Mayon Solution Limited is licensed to act as a corporate secretary, ensuring your business complies with Hong Kong SAR’s regulatory requirements. This allows you to concentrate fully on your core business, free from administrative concerns.

We look forward to hearing from you.