Bei Jing Shang Bao·2025-06-22 13:03Core Viewpoint - The launch of the Cross-Border Payment System marks a significant innovation in financial connectivity between mainland China and Hong Kong, enabling real-time cross-border remittances for residents of both regions [1][4][7]. Group 1: Cross-Border Payment System Launch - The Cross-Border Payment System officially went live on June 22, with the first transaction occurring in Shenzhen, allowing residents to send money in real-time between mainland China and Hong Kong [2][3]. - Users can now transfer funds directly in RMB without needing to convert to HKD, significantly improving the efficiency and convenience of cross-border transactions [3][4]. Group 2: Bank Participation and Incentives - Major banks from both mainland China and Hong Kong are participating in the Cross-Border Payment System, including Agricultural Bank of China, Bank of China, and HSBC, with many offering zero fees and cash rewards to attract customers [5][6]. - Agricultural Bank of China is piloting the service in Shenzhen with no fees during the initial phase, while other banks are also rolling out similar promotions [5][6]. Group 3: Technological and Economic Implications - The system utilizes direct connections and standardized interfaces for real-time fund clearing, representing a technological breakthrough in cross-border payment solutions [4][7]. - The initiative is expected to enhance the use of RMB in cross-border retail scenarios, further promoting the internationalization of the currency [4][7]. Group 4: Future Prospects and Growth - The Cross-Border Payment System is anticipated to drive innovation in cross-border financial services, contributing to the economic integration of the Guangdong-Hong Kong-Macao Greater Bay Area [7][9]. - As the system becomes more established, banks are expected to see significant revenue from transaction fees and related services, enhancing their overall profitability [7][9].