Expanding Digital Currency Use
Hong Kong residents can now create personal e-CNY wallets, marking a significant step in promoting digital currency use. This collaboration between the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) aims to facilitate cross-border transactions between Hong Kong and Mainland China.
Convenient Setup and Usage
Setting up an e-CNY wallet is easy using a Hong Kong mobile phone number. Users can top up their wallets through 17 retail banks in Hong Kong via the Faster Payment System (FPS). Initially, the focus will be on merchant payments in Mainland China.
HKMA’s Plans for e-CNY
The HKMA plans to expand e-CNY applications and enhance wallet functionalities for Hong Kong residents. They will also work to increase merchant acceptance of e-CNY in both regions.
Corporate Use and Future Enhancements
The HKMA is exploring corporate use cases for cross-boundary trade settlements. Plans are underway to upgrade e-CNY wallets to higher tiers through real-name verification and improve payment interoperability. This will enhance convenience and promote interconnectivity within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
