Hong Kong Media: Mainland and Hong Kong plan to launch cross-border payment interconnection in June next year

Odaily Star News Hong Kong Monetary Authority and the People's Bank of China are promoting the interconnection of the two rapid payment systems, namely Hong Kong's Faster Payment System (FPS) and mainland China's Online Payment Interbank Clearing System (IBPS). The target timetable for the technical interconnection of FPS and IBPS is tentatively set for June next year, but several banks in Hong Kong will conduct trial runs in April, and hope that other banks will participate when it officially launches in June. (Hong Kong Economic Daily)