Bank of China in Guangzhou First Launches Cross-Border Settlement of Housing Provident Fund; Hong Kong and Macau Residents Can Directly Withdraw

WealthCoffee

2026-03-26 04:03:44

Abstract generation in progress

[Caixin] The urban living circles in the Guangdong-Hong Kong-Macao Greater Bay Area are gradually extending from “bridge-building and road construction” infrastructure connectivity to “soft connectivity” in areas like public services. As residents of Hong Kong and Macao come to mainland China for employment and residence, the number of people contributing to housing provident funds is steadily increasing, and the interoperability of housing provident fund policies has become a key link.

Recently, the Bank of China officially launched the country’s first cross-border RMB settlement service for housing provident funds. This means that after completing compliance approval, residents of Hong Kong and Macao can have their provident fund withdrawal funds directly, safely, and efficiently transferred to their bank accounts in Hong Kong or Macao.

What appears to be a simple “transfer” actually involves multiple steps such as cross-border settlement, cross-bank remittance, and currency exchange between Hong Kong dollars and RMB. How is this business actually implemented behind the digital increase and decrease in residents’ accounts?

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