Core Viewpoint - The launch of the Cross-Border Payment System marks a significant innovation in the interconnectivity of financial infrastructures between mainland China and Hong Kong, enabling real-time cross-border remittances for residents of both regions [1] Group 1 - The Cross-Border Payment System officially went live today, with the first transaction occurring in Shenzhen [1] - This system allows residents from mainland China to remit money southward and Hong Kong residents to remit money northward [1] - The service is designed to be cheaper, more efficient, and more convenient for cross-border remittances [1] Group 2 - Users can access the "Cross-Border Payment" feature through their mobile banking apps, requiring only a phone number or a combination of account name and recipient account number to complete transactions [1] - Customers have the flexibility to choose the currency for the transaction, either Renminbi or Hong Kong Dollar [1]

Core Viewpoint - The launch of the "Cross-Border Payment Link" between mainland China and Hong Kong aims to provide a more secure, efficient, and convenient payment service for cross-border transactions, facilitating economic activities and integration in the Greater Bay Area [1][2]. Group 1: Overview of "Cross-Border Payment Link" - The "Cross-Border Payment Link" connects the mainland's online payment interbank clearing system (IBPS) with Hong Kong's Faster Payment System (FPS), allowing residents to make small cross-border remittances in real-time by simply entering the recipient's phone number or bank account number [2][3]. - It is designed to offer a more cost-effective and convenient alternative to traditional cross-border remittance methods, with advantages such as real-time processing and reduced intermediary costs [3]. Group 2: User Eligibility and Application Scenarios - The service is primarily available to residents and institutions in both mainland China and Hong Kong, providing instant cross-border payment services [4]. - Key application scenarios include personal remittances from mainland residents to Hong Kong bank accounts, and vice versa, as well as payments for tuition, medical expenses, and salary disbursements [5][11]. Group 3: Operational Details - Users can initiate cross-border remittances through mobile banking apps by filling out the necessary information, with support for both RMB and HKD as the receiving currency [6]. - There are annual and daily limits on remittances: for southbound remittances, the limit is USD 50,000 per person per year; for northbound remittances, the daily limit is HKD 10,000 and the annual limit is HKD 200,000 [7][9]. Group 4: Participating Institutions - Initial participating institutions include major banks from both mainland China (e.g., ICBC, Agricultural Bank of China) and Hong Kong (e.g., Bank of China Hong Kong, HSBC), with plans for further expansion [12][14]. Group 5: Fee Structure - During the initial phase, many banks are waiving fees for the service, promoting a "zero-fee" experience for users [15][16].

Core Viewpoint - Abu Dhabi First Bank (FAB) has become the first local direct participant bank in the Middle East and North Africa (MENA) region for the Cross-Border Interbank Payment System (CIPS), enhancing its capabilities in cross-border RMB payment solutions and reinforcing its commitment to digital transformation and regional financial leadership [1] Company Summary - FAB is the only UAE bank with a branch license in mainland China, positioning itself as a global bank and a significant financial institution [1] - As of March 31, 2025, FAB's total assets reached 1.31 trillion dirhams (approximately 356 billion USD), making it one of the largest banking groups globally [1] Industry Summary - The participation in CIPS allows FAB to provide faster, safer, and more efficient RMB payment solutions and real-time settlement capabilities, strengthening its leadership in cash management and clearing in the region [1] - The move reflects the acceleration of cross-border transactions and FAB's ongoing commitment to enhancing financial infrastructure and innovation for financial connectivity [1]

Group 1 - The meeting between Shanghai Clearing House Chairman Ma Jianyang and Philip Brown, CEO of Mingxun Bank, took place on June 17, 2025 [1] - The discussion focused on exploring the interconnectivity of financial infrastructure and expanding services in issuance custody and collateral management [1]