The first cross-border payment service in China is launched in Shenzhen. Mainland and Hong Kong residents can enter their mobile phone numbers to remit cross-border money – Passionategeekz

Passionategeekz On June 22, according to the Shenzhen Branch of the People’s Bank of China, on June 22, with the joint promotion of the People’s Bank of China and the Hong Kong Monetary Authority, the Cross-border Payment Pass was officially launched.Significantly, the fast payment systems in the Mainland and Hong Kong have been interconnectedIn the future, residents of the two places can handle cross-border remittances in real time. On the same day, the first cross-border payment service in the country was launched in Shenzhen for the remittance of southbound and northbound mainland residents for mainland residents.

Passionategeekz learned from the official introduction that cross-border payment connectivity is an important innovative measure in the interconnection of financial infrastructure between the Mainland and Hong Kong. It makes full use of the mature fast payment system between the Mainland and Hong Kong to provide residents of the two places with cheaper, more efficient and more convenient cross-border remittance services. Residents from both places only need to use the “Cross-border Payment Pass” function module for mobile banking.Enter your phone number or combine the account name and collection account to make cross-border remittancesand you can also flexibly select the account currency as RMB or Hong Kong dollars according to your needs.

Due to the geographical proximity between Shenzhen and Hong Kong, economic and trade exchanges and personnel flow are very frequent. Under the guidance of the People’s Bank of China, the Shenzhen Branch of the People’s Bank of China has continuously promoted cross-border financial cooperation in Shenzhen and Hong Kong. As early as 1998, it began to try the interconnection of cross-border payments in Shenzhen and Hong Kong first, and successively launched joint settlement of Shenzhen and Hong Kong bills, real-time crediting of Shenzhen and Hong Kong foreign currency, collection and payment of Shenzhen and Hong Kong, cross-border RMB, Shenzhen and Hong Kong electronic checking and other businesses.In 2024, the total cross-border revenue and expenditure of Shenzhen and Hong Kong was 6.178 million and 953.67 billion US dollarsThe US dollar, Hong Kong dollars and RMB funds in the two places can be cleared in real time, and checks can also be circulated and used, effectively promoting the economic integration between Shenzhen and Hong Kong.

As of May 2025, Hong Kong residents have opened more than 3.21 million bank accounts in Shenzhen, of which more than 410,000 cross-border agents have witnessed accounts, and cumulative transactions are nearly 35.1 billion yuan, accounting for 90% of the Greater Bay Area.

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