Hong Kong Media: Mainland China and Hong Kong Tentatively Set to Launch Cross-Border Payment Interconnection in June Next Year

The Hong Kong Monetary Authority and the People's Bank of China are promoting the interconnection of fast payment systems between the two places, that is, the interconnection of Hong Kong's Faster Payment System (FPS) and Mainland China's Online Interbank Clearing System (IBPS). The tentative timetable for FPS and IBPS to be technically interconnected is set for June next year. However, several banks in Hong Kong will conduct trials in April, hoping other banks will participate when it officially launches in June. (Hong Kong Economic Times)