As the world becomes increasingly interconnected, more and more people are looking for convenient ways to manage their finances across different regions. In Hong Kong and Macao, residents have been able to open accounts at Chinese mainland banks through cooperative banks in their respective special administrative regions since March and December 2019. As of the end of January, a total of 235,000 accounts had been opened through this program, with a combined value of 11.29 billion yuan ($1.62 billion).
According to the Guangzhou branch of People’s Bank of China, over 70% of the 15.71 million transactions made through these accounts were conducted using mobile payments. This trend towards mobile payments is not unique to Hong Kong and Macao, but is happening all over the world as people look for more convenient and secure ways to make payments.
The program has been expanded since its launch, with more banks included in September of last year. It now covers 286 outlets in Hong Kong and 56 in Macao, making it easier for residents of these regions to access mainland banking services. To take advantage of this program, permanent residents aged 18 or above in the SARs simply need to have an account at a local cooperative bank. They can then open an account at a mainland bank through the cooperating bank, without the need to travel to the mainland.
This program is just one example of how financial institutions are working to make it easier for people to manage their finances across borders. As the world becomes more connected, we can expect to see more innovative solutions like this emerge, making it easier than ever for people to access the financial services they need, no matter where they are in the world.