Core Insights - The launch of the "Cross-Border Payment Link" on June 22 enables efficient and cost-effective cross-border remittance services between Hong Kong and mainland residents [1] - On the first day of operation, the pilot banks processed 318 cross-border transactions, with a total remittance volume of 628,000 yuan, averaging 2,000 yuan per transaction [1] Cross-Border Payment Details - **Northbound (Hong Kong to Mainland)**: - Remitters must hold a Hong Kong identity card - Daily limit of 10,000 HKD and an annual limit of 200,000 HKD [1] - No remittance proof required [1] - Service available 24/7 [1] - Supported by mobile number and bank account number [1] - **Southbound (Mainland to Hong Kong)**: - Remitters must hold a mainland identity card - Current annual foreign exchange purchase limit of 50,000 USD [1] - No remittance proof required [1] - Service available from 7 AM to 11 PM [1] - Supported by mobile number, email address, and bank account number [1] Innovations in Cross-Border Payment - The "Cross-Border Payment Link" connects the mainland online payment interbank clearing system (IBPS) with Hong Kong's Faster Payment System (FPS), facilitating real-time fund transfers without service fees [1] - China Bank is one of the first pilot banks to facilitate tuition payments for Hong Kong residents at Qianhai International School, enhancing access to medical and educational services [2] - Qianhai has been continuously innovating in cross-border payment services, including the introduction of various payment methods and digital currency applications [2] - Future plans include more cross-border payment innovations to provide residents and businesses with more open and efficient financial services [2]