Operations have been smooth for the cross-border payment service, which links the city’s Faster Payment System (FPS) and the mainland’s Internet Banking Payment System (IBPS), since its launch on Sunday.
Speaking on RTHK’s “In the Chamber” programme, Ng believes the current quota set for cross-border transactions is sufficient to meet people’s needs.
But he also called on authorities to explore other potential use, such as property transactions for top mainland talent in the SAR.
“For example, can we develop a closed-loop system for the safe arrival of mainland funds in Hong Kong, that can also help track the asset [flows], and see if it can also be used for sending the proceeds from the sale of local properties back to the mainland?” he said.
“I think such a dedicated channel could be established under the cross-border Payment Connect.”
Ng suggested the system could also cover cross-border e-commerce activities.
“Now many Hongkongers are buying products from the mainland through the e-commerce platforms, while mainland consumers are also purchasing products from overseas.
“So can we achieve the better integration of payment, customs declaration and logistics on cross-border e-commerce? I think the Payment Connect definitely has the potential to help with such application scenarios,” he added, noting the ideas were also discussed during the annual “Two Sessions” meetings among SAR delegates earlier this year.
Ng, who is a member of the Chinese People’s Political Consultative Conference, added that Payment Connect can also be used for transactions of digital yuan and even stable coins, which is one of the industries the city is seeking to promote.
