During holidays, Hong Kong residents flock to Shenzhen‘s shopping malls to explore trendy beverages and lifestyle goods, enjoy street food, and pick out favorite items at boutique markets. Behind this booming intercity consumer trend is Shenzhen’s continuous innovation in cross-border mobile payments.

In 2024, Shenzhen ranked third in China for cross-border receipts and payments, with the RMB serving as the top currency for cross-border settlement with Hong Kong for four consecutive years. Non-cash payments by overseas visitors in Shenzhen reached 146 million transactions totaling 19.89 billion yuan—up 62% and 78% year-on-year, respectively.

In recent years, Shenzhen has advanced cross-border investment, financing, settlement, and payment mechanisms through institutional opening-up, balancing financial liberalization with security. The city is rapidly evolving into a globally influential center for industrial finance.

Opening new financing channels to enhance capital mobility

To meet the needs of multinational companies, Hong Kong enterprises operating in Shenzhen, and research institutions, the city has worked to bridge domestic and international markets, tapping into global financial resources. Shenzhen was the first to establish a cross-border capital pool system integrating local and foreign currencies with a flexible, tiered structure. Qianhai was also the first to introduce loans for Hong Kong enterprises, allowing qualified small and micro Hong Kong-funded firms to obtain RMB loans from offshore banks within designated limits.

In another first, Shenzhen launched the "Cross-border Credit Information Exchange," tackling the long-standing issue of fragmented credit data. Through a market-oriented partnership between Shenzhen and Hong Kong credit agencies, the program provides Shenzhen banks with cross-border credit reports on Hong Kong businesses.

Streamlining cross-border settlement to power high-quality foreign trade

To support high-quality development in foreign trade, Shenzhen has created new mechanisms for simplifying cross-border settlement. These efforts focus on promoting regulated growth of cross-border e-commerce, enhancing currency risk management for domestic firms, and improving the trade environment to increase Shenzhen's global economic footprint.

The city was the first to allow foreign trade service firms to handle settlement and exchange services on behalf of e-commerce companies, enabling businesses to complete settlement and receive tax rebates without leaving their premises. Shenzhen was also among the first to permit banks to process foreign exchange transactions for e-commerce using electronic transaction data, ranking among the top nationwide in transaction volume.

In investment, Shenzhen continues to innovate in facilitating cross-border capital flows to meet the growing asset allocation and investment needs of domestic and international investors. By expanding investment channels and improving institutional frameworks, the city attracts increasing numbers of foreign institutions and capital. The city also became one of the first to pilot digital capital account services, significantly improving the efficiency of foreign exchange capital inflows and reducing operational time and costs for enterprises.

Enhancing payment systems to better serve overseas visitors

As the "one-hour living circle" between Shenzhen and Hong Kong deepens, the city is building a comprehensive payment system centered on accounts, cards, codes, currencies, and wallets to support both short-term tourists and long-term foreign residents.

Shenzhen has become a national model for inclusive cross-border payments. It was among the first to offer agency-based account opening services for Hong Kong residents, with cumulative accounts and transaction volumes accounting for 90% of the Guangdong-Hong Kong-Macao Greater Bay Area.

At major transport hubs like airports and border checkpoints, Shenzhen has established four payment service centers for overseas visitors. The city also led the way in enabling foreign card linkage to local apps, the use of overseas wallets, and e-CNY travel wallets, achieving full coverage of QR code payment scenarios. A multi-level cash exchange network supports 35 licensed exchange providers and nearly 90% of bank branches citywide, while most four-star and above hotels offer foreign exchange services within 500 meters.

To enhance digital RMB services, Shenzhen launched China's first visual hard wallet that supports both tap and scan functions. This wallet is compatible with international cards and Hong Kong’s Octopus system. The city also debuted the "tap-to-pay" feature within the digital RMB app, marking another milestone in the integration of cross-border financial services.