Digital Yuan Goes Global: Connection to Hong Kong's FPS Enhances Cross-border Payments

Digital Yuan Goes Global: Connection to Hong Kong's FPS Enhances Cross-border Payments



China has taken a step forward in its journey, towards the yuan by connecting its Central Bank Digital Currency (CBDC) platform with Hong Kongs Fast Payment System (FPS). This integration aims to improve the speed of border digital yuan transactions and enhance its compatibility with global payment systems.



The FPS, developed by the Hong Kong Monetary Authority (HKMA) serves as a communication channel between banks. It provides users with a way to make person to person transfers engage in online shopping and top up their e wallets making transactions easier and faster.



According to reports from the Peoples Daily this achievement was made possible through collaboration between HKMA and Chinas banks Digital Currency Research division, known as the People’s Bank of China (PBoC). With this arrangement travelers from Hong Kong can e


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