People’s Bank of China and HKMA Launch Cross-Border Payment System – Coincu

The People’s Bank of China and the Hong Kong Monetary Authority announced the Cross-Border Payment Link, connecting Mainland and Hong Kong fast payment systems, effective June 22, 2025.

This strategic initiative improves cross-border payment efficiency and enhances Hong Kong’s position as a financial center, increasing economic and trade activity.

China-Hong Kong Payment Link Launches June 2025

The People’s Bank of China and the Hong Kong Monetary Authority have unveiled the Cross-Border Payment Link, an interconnection between Mainland and Hong Kong fast payment systems. This initiative seeks to enhance the efficiency of cross-border payments, reflecting a significant financial cooperation between the two regions. The payment link, set for June 22, 2025, benefits from the collaborative involvement of key financial institutions and fintech entities.

The new system aims to lower costs and improve transaction times, facilitating smoother economic exchanges between Mainland China and Hong Kong. Critical financial institutions such as JD.com and technology providers like Chainlink are seen as pivotal in this transition. By integrating blockchain infrastructure, the system promises near-instant settlements and significant cost reductions.

“Our stablecoin initiative aims to reduce transaction costs by up to 90% and enable 10-second settlements in B2B and consumer payments, positioning us to transform international commerce.” — JD.com Executives, Leadership Team, JD.com

Initial reactions from industry insiders highlight optimism for the economic impact. A statement from Chainlink noted the potential effects on digital currency exchanges and transactions. The project’s alignment with leading financial institutions has been met with favorable views, emphasizing its potential in reinforcing Hong Kong’s financial stature.

Blockchain Integration Expected to Revolutionize Transactions

Did you know? Similar cross-border payment initiatives like the Thailand-Hong Kong corridor have shown increased payment efficiency, suggesting a positive forecast for the new Mainland-Hong Kong system’s impact.

Chainlink (LINK) is currently priced at $13.16, with a market cap of $8.65 billion, according to CoinMarketCap. The trading volume over 24 hours reached $277.41 million, showing a decline of 26.47%. LINK’s price has dipped by 0.13% over the past day and by 16.13% over a month.

The Coincu research team suggests this payment link could reinforce Hong Kong’s role in regional finance. Emphasizing innovation in blockchain and stablecoin integration, experts forecast significant advancements in efficiency and reduced transaction costs.