China's first cross-border payment service, ”Cross-Border Payment Express,” launched in Shenzhen - Chinese media

The cross-border payment service "Cross-Border Payments Express", jointly promoted by the People's Bank of China and the Hong Kong Monetary Authority, was officially launched on the 22nd. This will allow the rapid payment system between mainland China and Hong Kong to be mutually integrated.
The two countries have achieved interconnection. From now on, residents of both regions will be able to complete cross-border remittance procedures in real time. Since Shenzhen and Hong Kong are adjacent to each other, there is a lot of economic and trade traffic and people moving between the two regions.
The region has been trying out interconnection of cross-border payments since 1998. The total cross-border balance between Shenzhen and Hong Kong in 2024 is expected to be 6.178 million transactions, amounting to $953.67 billion (
The total amount of funds exchanged between the two regions has reached approximately 138.7 trillion yen. US dollars, Hong Kong dollars, and Chinese formers can be settled in real time between the two regions, and checks can also be used.
As of May 2025, the number of bank accounts opened by Hong Kong residents in Shenzhen exceeded 3.21 million.
The number of established accounts has exceeded 410,000, and the cumulative transaction volume has reached nearly 35.1 billion former (approximately 711.3 billion yen), accounting for 90% of the Guangdong-Hong Kong-Macao Greater Bay Area.