Hong Kong Exchanges and Clearing subsidiary Hong Kong Securities Clearing Company and Cross-Border Interbank Payment Clearing Co. signed a memorandum of understanding to strengthen cooperation on market expansion and services for overseas members, according to ETNet.

The two parties plan to deepen collaboration on market development and network expansion, with aims to broaden member networks, improve liquidity and the appeal of RMB investment and financing products, and promote cross-border payments, cash management and securities settlement services. They also seek to enhance the compatibility, interoperability and efficiency of financial infrastructure.

Hong Kong Securities Clearing Company chief executive Chan Tat-keung said the firms have long supported connectivity between mainland China and Hong Kong and will work to meet the continued development needs of RMB internationalisation. He added that Hong Kong Securities Clearing Company will provide reliable financial infrastructure support for Hong Kong as an international financial centre and a leading offshore RMB hub.

From March 2025, the CMU membership will be expanded to eligible institutions regulated or supervised outside Hong Kong, to attract more international market participants to Hong Kong’s bond market and enable access to the mainland market through Bond Connect. The CMU and CIPS are key platforms within the Hong Kong–mainland financial connectivity framework, and the CMU is the first offshore financial infrastructure to participate directly in CIPS, providing delivery-versus-payment settlement for HKD and RMB transactions in Bond Connect.