The Initial Technical Test of Digital RMB Cross-border Payments in Hong Kong Area Has Been Completed

[ChainDD report] September 14 (ChainDD) According to Hong Kong's Secretary for Financial Services and the Treasury, Zhengyu Xu, there are currently more than 800 fintech companies operating in Hong Kong, covering various areas such as virtual asset trading, including 8 virtual banks, 4 virtual insurance companies and 2 licensed virtual asset trading platforms.

Xu also revealed that 2 projects have completed the test on a cross-border fintech "one-stop" test platform, which launched in 2022 by the Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBOC), and relevant banks are preparing to launch the product in the market.

In addition, the HKMA and the PBOC have completed the initial technical test on cross-border digital RMB payments in Hong Kong, and are conducting the second phase of the technical test to introduce more Hong Kong banks to participate and add value to digital RMB wallets through the rapid payment system "Faster Payment System".


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