The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are in the second phase of the integration tests of the digital yuan for payments and cross-border transactions in Hong Kong. This new phase includes more banks and the ability to use the Fast Payment System to top up digital yuan wallets.
China and Hong Kong to Develop Digital Yuan Payment System Integrations
The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are conducting technical tests to bring a higher degree of integration of the digital yuan into Hong Kong’s economy. According to reports from Global Times, the institutions are already in the second integration phase, which contemplates the inclusion of more banks in Hong Kong to the system and the usage of the Faster Payments system to top up digital yuan wallets.
One of the companies that will be facilitating these operations is Octopus Cards Limited (OCL), a startup with high penetration in Hong Kong exploring “new
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