As a blockchain analyst who's seen more than a few 'revolutionary' payment systems come and go, I'm cautiously optimistic about China's new Cross-Border Pay system linking mainland and Hong Kong. The tech promises real-time transfers between RMB and HKD with just a phone number - slick UX for sure. But having audited enough smart contracts to know where dragons hide, I'll be watching those 'efficient, convenient and secure' claims closely. Let's break down what this means for fintech competition and whether traditional banking's days are truly numbered.