Cross-boundary Payment and Settlement Systems in the Greater Bay Area : Current Practices and Recent Developments

This report studies the current status of cross-boundary payments and settlements within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and provides an overview of the recent development of Hong Kong’s financial market infrastructure and business opportunities in the GBA. The report also discusses the results of a survey and interviews commissioned by the HKIMR, which investigates market participants’ current practices and challenges associated with cross-boundary payment and settlement systems in the GBA. Over 90% of the surveyed financial institutions in Hong Kong highlighted that cross-boundary payment and settlement systems are essential for their GBA outreach activities, and many of them will expand their involvement in cross-boundary investment schemes in the next two to three years. The report concludes with considerations to facilitate cross-boundary payment and settlement systems in the GBA from both technology and non-technology-related perspectives