To The Moon

The first cross-border payment of Hong Kong elderly allowances has been successfully completed, marking a significant step forward in facilitating financial support for seniors living across the border.

"It's incredibly convenient! Previously, these allowances could only be deposited into a Hong Kong bank account, requiring a personal trip to Hong Kong to withdraw the funds or a manual cross-border transfer to a mainland account. Now, I don't have to do anything. My phone chimes, a text message arrives, and the allowance is securely in my account! It's both worry-free and seamless!" exclaimed a Hong Kong senior residing in Guangdong province, expressing delight after receiving the payment notification from Bank of China.

On July 20th, Bank of China successfully executed the inaugural round of these cross-border disbursements, signifying the official commencement and normalization of this service. This initiative is a便民措施 introduced by the Hong Kong Special Administrative Region government to support cross-border retirement living. The arrangement effectively eliminates the cumbersome processes of traveling to Hong Kong for cash withdrawal or arranging cross-border remittances, significantly enhancing the convenience of managing retirement funds across borders. It stands as a practical example of finance facilitating the integration of cross-border民生.

To ensure the efficient and orderly execution of this first disbursement round, Bank of China leveraged the synergistic advantages of its institutions in Guangdong and Hong Kong. It tailored a comprehensive "one-stop" financial service package for Hong Kong seniors, covering account opening on the mainland, fund receipt, currency exchange, and asset management.

Bank of China (Hong Kong) played a pivotal role, streamlining critical process points. It actively coordinated with the Hong Kong SAR Social Welfare Department, fully supported promotional arrangements, and, as required by the department, developed a dedicated cross-border payment solution for the project. This effort achieved a crucial transition from "conceptual design" to "seamless implementation."

Bank of China Guangdong Branch focused on场景融合, extending the reach of elderly care services. It engaged deeply with local senior care associations and institutions, concentrating on the practical needs of Hong Kong elders living on the mainland. The branch promoted Bank of China's specialized cross-border financial services for retirement in areas such as property purchase, consumption, and medical care, aiming to build a comprehensive financial ecosystem tailored for all retirement living scenarios.

Bank of China Shenzhen Branch, positioned at the forefront, worked to optimize the service体验for the elderly. It established "Elderly Care Service Counters" in key cooperation zones like Qianhai and Hetao, as well as at Shenzhen-Hong Kong ports and specialized cross-border financial outlets. Furthermore, it assigned service specialists proficient in Cantonese and English to provide considerate and efficient face-to-face financial services for Hong Kong seniors, ensuring "zero-barrier" communication.

The successful implementation of this first disbursement round fully demonstrates Bank of China's efficient cross-border coordination mechanisms and its practical, viable model for cross-border payments. It translates the principle of "finance serving the people" into reality through stable and professional financial services. Bank of China will continue to work closely with the Hong Kong SAR government to facilitate subsequent批量发放, helping to bridge the "last mile" in cross-border retirement finance and contributing greater financial力量to the high-quality development of cross-border elderly care.