Beijing, China - June 20, 2025 (CCTV - No access Chinese mainland)
1. Backdrop showing payment connect launch ceremony
2. People's Bank of China Governor Pan Gongsheng speaking at launch ceremony
3. Various of ceremony in progress; attendees
4. Various of user showing cross-border payment connect on smart phone

The People's Bank of China (PBOC), the country's central bank, said on Friday that the cross-border payment connect linking users in the Chinese mainland and the Hong Kong Special Administrative Region will go into operation on June 22.

By linking the mainland's Internet Banking Payment System and Hong Kong's Faster Payment System, the payment connect will support participating institutions to provide efficient, convenient and safe cross-border payment services for residents in both the mainland and Hong Kong, the PBOC said in a statement.

The launch of the payment connect system is yet another important measure unveiled by the central government to support Hong Kong's development, enhance the people's livelihoods, and promote cooperation between the mainland and Hong Kong, according to the statement.

Through the system, users will be able to initiate cross-border remittances in the Chinese yuan and the Hong Kong dollar in both locations via mobile and online banking channels, improving the efficiency of cross-border money transfers.

Additionally, the costs of cross-border money transfers will be lowered after the relevant payment infrastructures are connected directly within the system.

The introduction of the system is also expected to facilitate economic and trade activities in the mainland and Hong Kong, and to strengthen Hong Kong's status as an international financial center, per the statement.

A launch ceremony for the payment connect was held on Friday, attended by PBOC Governor Pan Gongsheng and Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA).