HKMCA Launches RMB Annuity Payouts for Hong Kong Retirees
Peter Zhang Aug 24, 2026 05:47
HKMC Annuity Limited now allows retirees to receive monthly annuity payments in RMB via Payment Connect, easing cross-boundary financial needs.
HKMC Annuity Limited (HKMCA), a subsidiary of The Hong Kong Mortgage Corporation Limited, announced on August 24, 2026, the launch of a cross-boundary annuity disbursement service. Effective immediately, customers can opt to receive guaranteed monthly annuity payments in Renminbi (RMB) through eligible bank accounts in the Chinese Mainland. This service leverages the Payment Connect system, a cross-boundary payment channel linking Hong Kong’s Faster Payment System (FPS) with the Mainland’s Internet Banking Payment System (IBPS).
The new service addresses the growing demand from Hong Kong retirees who have relocated to the Chinese Mainland, particularly in the Greater Bay Area. According to HKMCA CEO Daniel Leong, the initiative aims to simplify retirees' financial management. "As more Hong Kong residents choose to retire in the Chinese Mainland, demand for seamless cross-boundary payment to support daily living expenses continues to grow," Leong noted. "Customers can conveniently receive their guaranteed annuity payments to meet daily spending needs in the Mainland, enjoying hassle-free cross-boundary retirement."
Under the arrangement, HKMCA converts Hong Kong dollar-denominated annuity payments into RMB at the prevailing exchange rate before remitting the funds via Payment Connect to the designated Mainland account. HKMCA does not charge customers for this service, although customers are responsible for any exchange rate risks and associated fees. This adds significant convenience by eliminating the need for manual currency conversions or separate international remittance arrangements.
The HKMC Annuity Plan, launched in 2018, is a single-premium life annuity product designed for Hong Kong permanent residents aged 60 and above. It allows customers to invest between HK$50,000 and HK$5,000,000 in exchange for lifetime guaranteed monthly payouts. Over the years, the product has been enhanced with features such as medical withdrawal options and promotions, including a 3% premium discount campaign running from June 1 to August 31, 2026.
Payment Connect, the infrastructure enabling this service, has been operational since June 2025. Initially developed for small-value real-time remittances between Hong Kong and the Mainland, it has now expanded to support larger financial transactions, such as HKMCA's annuity disbursements. This aligns with broader efforts to integrate economic activity within the Greater Bay Area, a regional initiative aimed at deepening ties between Hong Kong, Macau, and nine Mainland cities.
For retirees already living in the Mainland or planning to relocate, this service enhances financial convenience and supports daily living expenses without complex cross-border banking arrangements. Interested customers can contact HKMCA’s customer service hotline at (852) 2512 5000 for details on eligibility and application procedures.
This move underscores HKMCA's strategy to cater to the financial realities of Hong Kong's aging population, many of whom are increasingly choosing to retire across the border. By simplifying access to guaranteed annuity payments in RMB, the company reinforces its position as a key player in the retirement solutions market.
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