Hong Kong e-CNY pilot expands: residents can open digital-yuan wallets and top up via FPS, no mainland account required
- Hongkongers can now open e-CNY wallets through four Chinese banks in the city and add value from 17 banks via the Faster Payment System
- Roll-out provides a safe, convenient means of payment for Hongkongers spending in mainland China and mainland users in Hong Kong, HKMA says
Hongkongers can now open e-CNY wallets through four Chinese banks in the city and add value via the widely used Faster Payment System (FPS), in a citywide roll-out of a digital yuan pilot that aims to make cross-border retail payments more convenient.
The Hong Kong Monetary Authority (HKMA) said on Friday that residents can use their Hong Kong mobile phone numbers to set up e-CNY personal wallets and top up the wallets via FPS through 17 retail banks in Hong Kong – without having to open a mainland China bank account.
The move aims to expand the scope and scale of a cross-boundary pilot of the Chinese central bank digital currency that the HKMA has been conducting, along with the People’s Bank of China (PBOC), since December 2020. Previously, the pilot was limited to certain banks’ staff members and merchants.
“We are delighted that Hong Kong, being the first place to conduct a cross-boundary e-CNY pilot, has also become the first place outside mainland China that enables its residents to set up e-CNY wallets locally,” said Eddie Yue Wai-man, CEO of the HKMA.
“We will continue to work closely with the PBOC to gradually expand the applications of e-CNY, enrich the range of functionality of the e-CNY wallet available to Hong Kong residents and step up efforts in promoting the acceptance of e-CNY by more retail merchants in the two places.”
