PBC is actively promoting the interconnection of payment systems between the two regions. This represents significant progress towards modernizing financial infrastructure and preparing for widespread adoption of digital currencies.
These initiatives are aimed at streamlining payments, reducing costs, and supporting more efficient trade and financial flows between mainland China and Hong Kong, Lu Lei said.
Expansion of payment infrastructure
PBC has steadily expanded its cross-border interbank payment system (CIPS) in Hong Kong. CIPS serves as an important platform for the clearing and settlement of cross-border RMB payments. In June, PBC successfully launched the Crossborder Payment Connect initiative, which simplifies payments for businesses and individuals sending money across borders. Additionally, an integrated cross-border QR code gateway has been established, allowing users to make payments more seamlessly using compatible mobile platforms. These efforts will reduce friction in cross-border transactions and facilitate the widespread adoption of digital tools in finance.
A real-life example illustrates the impact of such efforts. For example, in Singapore, the Monetary Authority of Singapore piloted cross-border payments using Singapore dollars and digital assets, allowing businesses and banks to make faster and cheaper payments. These projects reflect a global trend for central banks to leverage digital infrastructure to streamline cross-border payments, reduce reliance on correspondent banking networks, and increase transparency.
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The Chinese government has officially rolled out the digital yuan to major cities, moving one step closer to a fully cashless economy and tightening control over capital flows.
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β Iran Spectator (@IranSpec) November 2, 2025
Looking ahead, PBC plans to explore new cross-border solutions using the digital renminbi. This includes fostering cooperation on multilateral central bank digital currency bridges and developing dual platforms that integrate blockchain and digital assets. This initiative could simplify transactions, increase the speed of payments, and create new opportunities for digital finance in Asia.
Learn more about CBDC
Pakistan has officially adopted the ISO 20022 standard for financial messaging. It is a global framework that enhances interoperability, data richness, and payment efficiency. Building on this modernization, the country plans to launch a central bank digital currency (CBDC) in 2025, aiming to streamline payments, strengthen financial inclusion, and enhance cross-border transactions.
βΌ οΈPakistan officially adopts ISO 20022 and plans to launch CBDC in 2025 + Pakistan’s largest bank uses Ripple’s Interledger protocol!! οΈ
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β SMQKE (@SMQKEDQG) September 16, 2025
To support this effort, Pakistan’s largest bank has integrated Ripple’s Interledger protocol. This enables seamless real-time transfers between different payment networks. These initiatives will position Pakistan as a regional leader in the adoption of advanced payments infrastructure and digital assets. This represents a major step towards a more connected and efficient financial ecosystem.
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