Skip to content

Hong Kong Launches Digital Renminbi Wallet in Collaboration with China

On May 17th, the Hong Kong Monetary Authority (HKMA) announced a collaboration with the People’s Bank of China to expand the use of the digital renminbi wallet in Hong Kong, allowing all Hong Kong residents to open an account.

According to the announcement, Hong Kong residents can register and open a digital renminbi wallet on their mobile phones. After registration, they can use the popular local mobile payment app “Faster Payment System (FPS)” to top up their wallet and exchange for renminbi.

The HKMA stated that the digital renminbi wallet balance is capped at 10,000 yuan. Each payment cannot exceed 2,000 yuan, the cumulative daily payment amount cannot exceed 5,000 yuan, and the annual limit is 50,000 yuan. The wallet also has a function to exchange the digital yuan back into Hong Kong dollars.

In addition to using the digital renminbi wallet in various cities in the Greater Bay Area of Guangdong, Hong Kong residents can also use it in other pilot cities across mainland China.

Eddie Yue, Chief Executive of the HKMA, said Hong Kong is the first place outside mainland China to launch the digital renminbi wallet. The authorities will continue to work closely with the People’s Bank of China to gradually expand the application scope of the digital renminbi and promote acceptance by more retail merchants, facilitating cross-border retail payments for residents in both mainland China and Hong Kong.

The digital renminbi is a digital form of legal tender issued by the People’s Bank of China, exchangeable 1:1 with physical renminbi. It has been piloted in multiple major mainland Chinese cities since 2019.

Source: Central News Agency (Taiwan), May 17, 2024