Guan Cha Zhe Wang·2025-06-22 04:19Core Viewpoint - The launch of the "Cross-Border Payment Link" marks a significant advancement in facilitating cross-border remittances from mainland China to Hong Kong, allowing for real-time transactions and enhanced user convenience [1][2]. Group 1: Service Features - The "Cross-Border Payment Link" allows users to complete remittances using mobile phone numbers or bank account information, eliminating the need for physical visits to bank branches and paperwork [2]. - Customers can choose to remit funds in either Renminbi or Hong Kong dollars, providing flexibility in currency selection [2]. - The service enhances transaction transparency through real-time tracking, reducing uncertainties associated with traditional cross-border remittance processes [2]. Group 2: Implementation and Support - The People's Bank of China and the Hong Kong Monetary Authority collaborated to establish connectivity between the mainland online payment interbank clearing system and Hong Kong's fast payment system [1]. - China Merchants Bank (CMB) was one of the first banks to pilot this service, receiving professional guidance from the Shenzhen branch of the People's Bank of China during the implementation process [1]. - CMB aims to innovate and enhance cross-border financial services, having already introduced various services such as cross-border wealth management and study abroad remittance [2].