Some of the fast payment services between Hong Kong and mainland China are expected to be launched in the middle of the year, said the Hong Kong Monetary Authority, following a report that the first phase was expected to come this month at the earliest.

As the Hong Kong Monetary Authority and the People’s Bank of China are facilitating the connection between the city’s Faster Payment System and the mainland’s Internet Banking Payment System, daily and yearly quotas will be set for Hongkongers’ northbound transfers, according to local media.

Each resident’s cross-border FPS account in each bank is subject to a total remittance limit of HK$200,000 equivalent per year and a daily remittance limit of HK$10,000 equivalent per day, according to the report.

On the other hand, there is no separate quota for southbound remittance transfers for mainland residents through the connected systems, although they will still be subject to the current limit of US$50,000 (HK$390,000) per person per annum.

HKMA responded that the project is progressing well and some of the services are expected to be rolled out in the middle of this year, with details to be announced to the public in due course.

Earlier, it was also reported that some individuals had participated in cross-border remittance tests in April, including some bank staff and clients, and the first phase was expected to be rolled out as soon as the end of this month.

Sources: The Standard