TapTechNews August 2nd news, today, Lu Lei, the deputy governor of the People's Bank of China, met with visiting Li Dazhi, the vice president of the Hong Kong Monetary Authority. The two sides exchanged views on issues of common concern such as financial cooperation between the mainland and Hong Kong and accelerating the interconnection of rapid payment systems. After the meeting, the two sides signed the Memorandum of Understanding between the People's Bank of China and the Hong Kong Monetary Authority on Launching the Interconnection of Cross-Border Payments between the Mainland and Hong Kong.
TapTechNews found out through inquiries that as early as June 2020, the Hong Kong Monetary Authority, together with the People's Bank of China and the Macau Monetary Authority, jointly announced the launch of the Cross-Border Wealth Management Connect in the Guangdong-Hong Kong-Macao Greater Bay Area. In 2021, the People's Government of Luohu District, Shenzhen cooperated with Bank of China Limited and Bank of China (Hong Kong) Limited to successfully complete the test work for the use of digital RMB by Hong Kong residents in the mainland as the first in the country.
In February this year, the Hong Kong Special Administrative Region released a new budget. Chen Maobo, the Financial Secretary of the Hong Kong Special Administrative Region government, said that digital RMB will expand the pilot scope in Hong Kong, and citizens will be able to easily open and use digital RMB wallets, and increase the value through FPS, further improving the efficiency of cross-border payment and user experience.
At the enterprise level, WeChatPayHK under WeChat Pay announced in March this year that its Hong Kong dollar wallet can now be used in tens of millions of merchants in all cities on the mainland, and the single transaction limit for authenticated Hong Kong users has been increased to HK$38,000 (TapTechNews note: currently about RMB 35,226), and the annual cumulative transaction limit has been increased to HK$400,000 (currently about RMB 371,000).
In addition, the Octopus Card, known as the ancestor of global electronic currency, has also launched a brand new National Pass Card, and with one card in hand, you can take public transportation in 320 cities on the mainland and Hong Kong.