Hong Kong Annuity Company Launches Cross-Border Payment Service for Mainland Bank Accounts
SingTao · 3 SOURCESabout 2 hours ago2 MIN
Summary
The Hong Kong Mortgage Corporation Annuity Limited has launched a cross-border annuity payment service enabling customers to receive their guaranteed monthly annuity payments in mainland China. Starting immediately, eligible customers can have their HKD-denominated annuity converted to RMB and deposited into their qualified bank accounts in mainland China via the Cross-border Payment Connect system. The service comes at no additional cost to customers.
Key Points
- Hong Kong Annuity Company announced the new cross-border payment service on the 24th, allowing customers to receive guaranteed monthly annuity payments in mainland China
- Customers can designate their qualified RMB bank accounts in mainland China to receive payments, with the service bank converting HKD to RMB at prevailing exchange rates
- The Cross-border Payment Connect system facilitates the fund transfer, and the annuity company will not charge any fees for this service
- Leung Lingzhi, Executive Director and Chief Executive Officer of Hong Kong Annuity Company, highlighted the growing popularity of retiring in mainland China as the motivation
- The service aims to cover daily expenses in mainland China and provide retirees with a seamless cross-border financial experience
Why It Matters
This initiative addresses the financial needs of Hong Kong's aging population increasingly choosing mainland China as their retirement destination, eliminating the hassle of currency conversion through third-party channels and supporting smoother cross-border financial integration between Hong Kong and mainland China .
This initiative addresses the financial needs of Hong Kong's aging population increasingly choosing mainland China as their retirement destination, eliminating the hassle of currency conversion through third-party channels and supporting smoother cross-border financial integration between Hong Kong and mainland China .