The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC) have advanced the digital yuan (e-CNY) pilot for payments, aiming to increase e-CNY wallet usage in Hong Kong. Residents can now set up and top up wallets via the Faster Payment System (FPS), marking the first global linkage of a faster payment system with a central bank digital currency ( CBDC), according to the Chinese authorities. This aligns with the G20 Roadmap’s goal to enhance cross-border payment interoperability.
China Expands Digital Yuan Pilot: Hong Kong Residents Can Now Set up E-CNY Wallets Locally
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Under the PBOC’s “three connection, three facilitation” initiative, Hong Kong residents can create e-CNY wallets using their mobile numbers for payments, although person-to-person transfers are restricted. Wallets can be topped up through FPS at 17 retail banks in Hong Kong. The e-CNY is also usable in other Mainland pilot areas. The HKMA and PBOC plan to enhance wallet functionalities, promote acceptance by more merchants, and explore corporate use cases for cross-boundary trade settlement.
