Latest news with #EddieYue
South China Morning Post
7 hours ago
- Business
- South China Morning Post
China grants Hong Kong new yuan quota as Payment Connect kicks off for 315 million users
China's financial authorities have granted Hong Kong residents a new daily remittance quota for the yuan, as a cross-border electronic transactions service prepares to kick off, linking 315 million users between the city and the mainland. Starting from noon on Sunday, the 17 million registered users of Hong Kong's Faster Payment System (FPS) will be able to remit up to HK$10,000 (US$1,282) per day for each bank account to 298 million users on the mainland's Internet Banking Payment System (IBPS) via the Payment Connect. The scheme, supported by six banks each on the mainland and in Hong Kong, will let users transfer money across borders to pay for travel, meals, education, medical services, salaries and other daily activities, according to the Hong Kong Monetary Authority (HKMA). 'We will continue to explore other use cases,' said Nelson Chow, the HKMA's executive director for financial infrastructure, during a briefing on Friday. 'The infrastructure of cross-border payment is now up, like a highway for payments. We just need to continue to explore more use cases in future.' Eddie Yue Wai-man, the chief executive of the Hong Kong Monetary Authority (HKMA), during the launch of the Payment Connect scheme with the People's Bank of China in Shanghai on June 20, 2025. Photo: PBOC The scheme, in development since August last year by the HKMA and the People's Bank of China , will revolutionise cross-border remittances for individuals and businesses, while boosting Hong Kong's status as an international financial centre and a trading hub for offshore yuan, said the HKMA's chief executive Eddie Yue Wai-man. Mainland residents are still limited to US$50,000 in annual overseas remittances, while Hong Kong residents are subject to an 80,000 yuan (US$11,129) ceiling in daily transfers to accounts of the same name on the mainland. Using Payments Connect, transfers for medical bills, tuition fees or daily needs can be unlimited. Employers can also remit salaries across borders, subject to pre-approvals by banks, said Stephen Pang, the HKMA's senior manager for financial infrastructure development.
RTHK
9 hours ago
- Business
- RTHK
HKers can use FPS for payments up north from Sunday
HKers can use FPS for payments up north from Sunday HKMA chief executive Eddie Yue says Payment Connect will allow local residents to make transfers of small sums in a much simpler way. Photo: RTHK China's central bank governor Pan Gongsheng hails Payment Connect as a milestone in deepening financial connectivity between Hong Kong and the mainland. Photo: RTHK Residents from Hong Kong and the mainland will soon be able to use a new fast payment tool to conduct cross-border transactions involving small sums in real time from Sunday, with monetary authorities from both sides hailing the launch as a milestone in deepening connectivity. The announcement came after the Hong Kong Monetary Authority's launch on Friday of the cross-border payment method, Payment Connect, which links its electronic payment network – Faster Payment System (FPS) – with the mainland's Internet Banking Payment System. The linkage allows cross-bank transactions using simply the recipients' mobile numbers or account numbers, with small-value payments settled instantly at any time. "I'm very much looking forward to Sunday when we will further connect the fast payment systems between Hong Kong and the mainland using Payment Connect, as it breaks through the boundaries of time and place," HKMA chief executive Eddie Yue said at the launching ceremony in Beijing. "Residents from both places will only need to click on our phones, enter the recipient's mobile phone number, and they can easily make small personal remittances or pay for various living expenses [using it], achieving simple and immediate transfers," he said, adding that the FPS system has been very popular among Hong Kong residents since 2018. Under the new service, residents can use FPS to transfer small sums of up to HK$10,000 each day per account to the mainland, while the total annual remittance limit is set at HK$200,000. And such transfers will not affect another 80,000 yuan of northbound daily quota set for local residents. While there's no limit set for mainland residents using the tool for southbound transfers, they will still be subject to the current annual foreign exchange quota of US$50,000 per person. The launch of the tool also comes as the number of FPS users closes on 17 million, with one million new accounts being set up in the first five months of the year. The number of registered users is far more than the total population of Hong Kong as an individual can have more than one account. For his part, People's Bank of China governor Pan Gongsheng said the launch marks another milestone in the deepening of financial connectivity between Hong Kong and the mainland, as Beijing highly values the SAR as a global financial centre. "The cross-border Payment Connect, which is directly connected to the infrastructure of the monetary authorities of the two places, provides online fast bilateral local currency and bilateral renminbi remittance services for residents of the two places, which will further enhance the efficiency and experience of cross-border payments," he said. "It'll also provide conveniences for economic and trade cooperation as well as personnel exchanges between Hong Kong and the mainland, injecting new vitality into Hong Kong's development while further promoting the cross-border adoption of the renminbi," he added. The two sides have been working on the service since August. The new tool will see six SAR banks join the first batch of institutions to provide such services – Bank of China (Hong Kong), HSBC, Hang Seng Bank, Bank of East Asia, as well as two state-backed lenders. There'll also be six mainland banks supporting the tool.
South China Morning Post
10 hours ago
- Business
- South China Morning Post
Mainland China, Hong Kong launching Payment Connect scheme to facilitate capital flows
China's central bank is launching a new connect programme with Hong Kong to facilitate cross-border payments – Beijing's latest move to open up its financial sector and also leverage the southern financial centre to better connect with the rest of the world. The Payment Connect programme will link the mainland's Internet Banking Payment System and Hong Kong's Faster Payment System (FPS), allowing users to make payments and wire money faster and more conveniently. The programme will begin on Sunday. 'It's another milestone in deepening financial cooperation between the mainland and Hong Kong. It fully indicates the central government's determination to consolidate and improve Hong Kong's international financial status,' Pan Gongsheng, governor of the People's Bank of China, said at the launch ceremony on Friday in Beijing. '[The connect programme] will improve the efficiency of cross-border payments, facilitate economic and trade cooperation, as well as boost people exchanges,' he said. 'It will bring new vigour for Hong Kong's development and also boost cross-border use of the yuan.' Eddie Yue, chief executive of the Hong Kong Monetary Authority, said the scheme provided residents and institutions with a safe, efficient and convenient payment option, while also hailing the deepening economic cooperation.
South China Morning Post
21-05-2025
- Business
- South China Morning Post
Hong Kong passes stablecoin law, clearing way for licensed issuers to sell to public
Hong Kong lawmakers passed a law on Wednesday that establishes a regulatory regime for stablecoins, paving the way for issuers to obtain licences and sell the digital assets to the public. A stablecoin is a type of cryptocurrency that is pegged to a specific reserve asset, such as the US dollar or any fiat currency. The Stablecoins Bill passed by the Legislative Council , which will take effect later this year, requires stablecoin issuers to obtain a licence from the Hong Kong Monetary Authority (HKMA) . It also aims to protect the general public and investors by allowing only licensees to advertise such assets. 'The ordinance has established a risk-based, pragmatic, and flexible regulatory regime,' Eddie Yue Wai-man, chief executive of the HKMA, said in a statement on Wednesday. A 'robust and fit-for-purpose regulatory environment' would support the 'healthy, responsible and sustainable development' of Hong Kong's ecosystem for stablecoins and digital assets more broadly, Yue said. Globally, stablecoin trading volume reached US$27.6 trillion in 2024, according to a report by cryptocurrency exchange operator surpassing the combined volume of Visa and Mastercard transactions over the same period. HKMA said it would soon conduct further consultations on details of the regime, such as reserve requirements, client asset segregation, risk management, disclosures and other issues.
RTHK
08-05-2025
- Business
- RTHK
Cross-border digital currency platform may debut soon
Cross-border digital currency platform may debut soon Eddie Yue told RTHK that the mBridge project may soon be launched if a trial run is smooth. Photo: RTHK The head of the Hong Kong Monetary Authority (HKMA), Eddie Yue, said a new digital currency platform could soon be put in place if a trial run proves successful. The platform, called mBridge, aims to facilitate cross-border payments. It's jointly developed by the People's Bank of China and the central banks in Thailand, the United Arab Emirates and Saudi Arabia, along with the HKMA. "The trial run this year is using real-life transactions for cross-border settlement. If it goes on smoothly, the platform will actually be ready for launch," Yue told RTHK's "Government and You" programme. He added that local officials have been working with their Middle Eastern counterparts in promoting linkages in equity and bond transactions.
