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Guangdong FTZ Launches e-Cheque Clearing Services with Hong Kong

The Guangdong branch of the People’s Bank of China (PBOC) and the Hong Kong Monetary Authority jointly announced in Guangzhou the ground-breaking launch of cross-boundary e-cheque services in the Guangdong Free Trade Zone. Customers may issue e-cheques in HKD, USD or RMB via internet or mobile banking platform and deposit them in banks in Hong Kong, Guangzhou or Shenzhen.

E-cheque service between Guangdong and Hong Kong is a pioneering cross-boundary e-payment tool in the country. It is an important financial reform and innovation that gives financial support to the development of the Guangdong Free Trade Zone and contributes to regional financial co-operation between Guangdong and Hong Kong. It will contribute to further integration and economic exchanges between the two places and modernisation of financial services.

E-cheque in pdf file format contains information similar to that on the traditional paper cheque and has the same legal status as paper cheque. It can be used to make HKD, USD and RMB payments. Online issuance, delivery and collection have no geographical or time restrictions and have no fear of being lost. Paperless transaction is efficient and eco-friendly and saves circulation costs. Stricter security measures ensure safer and more trustworthy operation.

Wang Jingwu, head of PBOC’s Guangzhou branch, noted that joint e-cheque clearing between Guangdong and Hong Kong accords more with economic development trends in the internet age and better suits the actual demands for cross-boundary settlement.

Content provided by Picture: HKTDC Research
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