Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, anticipates the pilot linkage of Hong Kong's Faster Payment System (FPS) with mainland China's Interbank Online Payment System (IBPS) by mid-next year, marking significant progress in cross-boundary rapid payments.
He explained that the linkage would enable 24x7 banking services, instant settlement of small payments, and transfers using just a phone number.
Yue noted that technical coordination is underway, with ongoing discussions with the People's Bank of China about details such as exchange rate calculations, transaction limits, and the geographic scope involved.
Yue also mentioned that more than ten use cases are currently being tested under the Ensemble project, with several already completed and results expected to be announced soon. The project will also include cross-border testing with the central banks of Thailand and Brazil and will explore further practical use cases, including cross-border trade finance in a tokenized format.
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