Jin Rong Shi Bao·2025-06-22 22:40Core Viewpoint - The launch of the "Cross-Border Payment Link" aims to enhance the efficiency and security of cross-border payments between mainland China and Hong Kong, responding to the growing demand for seamless financial transactions as economic ties strengthen [1][2]. Group 1: Launch and Implementation - The "Cross-Border Payment Link" was officially launched on June 22, with participation from major banks in both mainland China and Hong Kong, including Agricultural Bank of China, Bank of China, and HSBC [1][2]. - Agricultural Bank of China will pilot the service in Shenzhen starting June 22, with plans to expand to Guangdong and Hainan in July, and eventually nationwide [2]. Group 2: Advantages and Features - The new payment system offers real-time transactions, lower costs, and greater convenience compared to traditional cross-border remittance methods [2][3]. - Key applications include "southbound remittance" from mainland residents to Hong Kong accounts and "northbound remittance" from Hong Kong residents to mainland accounts, with options for currency selection [2]. Group 3: Economic Impact - The introduction of the "Cross-Border Payment Link" is expected to enhance the flow of economic factors between the two regions, solidifying Hong Kong's role as a global offshore RMB business hub [3]. - The initiative is anticipated to promote trade and personnel exchanges, contributing to the high-level opening of the financial sector and reinforcing Hong Kong's status as an international financial center [3][4]. Group 4: Future Developments - Banks involved in the initiative plan to innovate continuously to meet the cross-border payment needs of residents, supporting economic activities and personnel exchanges between mainland China and Hong Kong [3][4]. - The expected growth in cross-border payment business is prompting banks to explore more services and promotional activities to expand their customer base in the Greater Bay Area [4].