{"id":69251,"date":"2023-10-05T21:50:14","date_gmt":"2023-10-06T01:50:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/china-connects-digital-yuan-to-hong-kongs-fps\/"},"modified":"2023-10-05T21:50:19","modified_gmt":"2023-10-06T01:50:19","slug":"china-connects-digital-yuan-to-hong-kongs-fps","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69251","title":{"rendered":"China Connects Digital Yuan to Hong Kong\u2019s FPS"},"content":{"rendered":"
\n

China has taken another step forward in its digital yuan pilot \u2013 connecting its CBDC platform to Hong Kong\u2019s Fast Payment System (FPS).<\/p>\n

The move will speed up cross-border digital yuan transactions and boost interoperability between the Mainland\u2019s CBDC and international payment networks.<\/p>\n

The FPS is the brainchild of the Hong Kong Monetary Authority, the territory\u2019s central bank and chief financial regulator.<\/p>\n

The authority uses the FPS as an inter-bank connection tool, and in its own words \u201callows customers to make person-to-person transfers, top up e-wallets, and shop online anytime, anywhere, thereby making payments simpler and faster.\u201d<\/p>\n

According to the People\u2019s Daily (via Huanqiu), the breakthrough was masterminded by the authority, in conjunction with the Digital Currency Research arm of the central People\u2019s Bank of China (PBoC).<\/p>\n

The solution lets Hong Kong residents top up digital yuan accounts from the Mainland when they are traveling.<\/p>\n

The media outlet explained that the solution is available for Hong Kong residents who use ICBC (Asia), Bank of China (Hong Kong), Hang Seng Bank, and HSBC HK dollar and yuan accounts.<\/p>\n

The solution has been rolled out in time for the Asian Games.<\/p>\n

And the state-run media outlet was keen to explain that Hong Kong team athletes at the games were already making use of it.
\u00a0<\/p>\n

The media outlet noted that the e-CNY-FPS solution makes \u201ctransaction links shorter,\u201d and \u201creduces transaction cost.\u201d<\/p>\n

Team Hong Kong members were quoted as stating they found digital RMB wallets \u201csimple and convenient to use.\u201d<\/p>\n

They said that could \u201cdirectly top up\u201d their wallets using the FPS, \u201cmaking life and spending\u201d in the athletes\u2019 village \u201ceasy and convenient.\u201d<\/p>\n

The move follows the PBoC\u2019s announcement late last month that overseas cardholders can now use the bank\u2019s app to top up digital yuan accounts when traveling in China.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China has taken another step forward in its digital yuan pilot \u2013 connecting its CBDC platform to Hong Kong\u2019s Fast Payment System (FPS). The move will speed up cross-border digital yuan transactions and boost interoperability between the Mainland\u2019s CBDC and international payment networks. The FPS is the brainchild of the Hong Kong Monetary Authority, the […]<\/p>\n","protected":false},"author":1,"featured_media":69252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-69251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nChina Connects Digital Yuan to Hong Kong\u2019s FPS | iFintechWorld<\/title>\n<meta name=\"description\" content=\"China has taken another step forward in its digital yuan pilot \u2013 connecting its CBDC platform to Hong Kong\u2019s Fast Payment System (FPS).The move will speed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=69251\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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