ICBC completes China’s first digital yuan payment to Singapore under new CBETS platform
The landmark transaction highlights Beijing’s accelerating push to make the digital yuan a practical tool for international trade and faster cross-border settlements.
Digital Yuan Completes China’s First Cross-Border Payment to Singapore Through Upgraded Settlement Platform, marking another significant milestone in the country’s ambition to internationalize its central bank digital currency (CBDC).
The transaction, carried out by the Shanghai branch of the Industrial and Commercial Bank of China (ICBC) in partnership with ICBC Singapore, processed nearly 10 million yuan in import shipping fees through the newly upgraded Digital Currency Express (CBETS) comprehensive settlement platform. According to Mobile Payment Network, the payment was fully settled in digital renminbi, with funds reaching the Singapore-based recipient on the same day.
The achievement represents more than a successful payment. It demonstrates China’s continued efforts to modernize international settlement infrastructure while reducing reliance on traditional correspondent banking systems that often involve higher costs and slower processing times.
The historic payment was completed on behalf of W Company, a subsidiary of a centrally owned enterprise’s trading platform that regularly imports iron ore and pays overseas shipping expenses.
Because the company frequently handles high-value international transactions, it previously relied on conventional cross-border banking channels involving multiple intermediary institutions, extended settlement periods, and foreign exchange-related costs.
To improve efficiency, ICBC Shanghai introduced the company to the Digital Currency Express platform before coordinating with ICBC Singapore to execute the payment entirely in digital yuan.
According to Mobile Payment Network, the transaction showcased several advantages of the new settlement method, including faster processing, direct settlement, and greater transparency throughout the payment lifecycle.
Instead of waiting days for international wire transfers to clear, the recipient received the funds within the same day, highlighting how CBDC-powered payment rails can streamline international trade finance.
The latest development also expands ICBC’s international payment capabilities. The bank has now established integrated digital renminbi payment and collection services with both Singapore and Laos through the CBETS platform, creating a more unified settlement framework connecting its domestic and overseas branches.
The Digital Currency Express platform was developed by the International Operation Center for the digital renminbi under the guidance of the People’s Bank of China’s Digital Currency Research Institute.
Following a major infrastructure overhaul in 2026, the platform merged three previously separate systems—the cross-border payment platform, blockchain service platform, and digital asset platform—into a single integrated settlement network.
One of its most notable innovations is the “One Point Access” gateway based in Hong Kong, allowing overseas financial institutions to connect to multiple digital yuan services through a single access point.
The platform also supports both centralized infrastructure and blockchain-based settlement while adopting the internationally recognized ISO 20022 messaging standard, enabling compatibility with existing global payment systems.
According to Mobile Payment Network, participating institutions can process a wide range of financial activities through the network, including:
Trade settlements
International remittances
Barcode payments
Investment-related transactions
Additional digital financial services
Its modular architecture combines retail and wholesale payment capabilities while supporting both on-chain and off-chain settlement services, reducing implementation costs for participating financial institutions.
The network has continued to expand rapidly.
On June 16, 2026, the International Operation Center signed direct participant agreements with the first group of 26 financial institutions, including ICBC Asia, Bank of China Hong Kong, Standard Chartered China, and several overseas ICBC branches operating in Singapore, Thailand, Laos, Macau, and Qatar.
China accelerates global adoption of the Digital Yuan
The latest milestone reflects China’s broader strategy to extend digital yuan usage beyond domestic retail payments and into international commerce.
Last year, the People’s Bank of China established both the Digital RMB Operation and Management Center and the International Operation Center, separating responsibilities for domestic adoption and overseas infrastructure development.
Officials said the move would strengthen both local deployment and global connectivity for China’s CBDC.
Since then, authorities have steadily broadened cross-border pilot programs.
Beginning January 1, 2026, Chinese banks were permitted to pay interest on verified digital yuan wallets as the country gradually transitions from electronic cash toward an interest-bearing digital deposit currency.
The central bank has also announced plans to expand cross-border CBDC pilot projects involving Singapore, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia.
ICBC has remained one of the most active commercial banks supporting these initiatives.
According to Mobile Payment Network, the Shanghai branch previously introduced the “Hu e Hui” international remittance service using the multilateral central bank digital currency (mBridge) platform. The service reduced processing times for eligible international transfers from roughly one hour to approximately five minutes.
The bank has also expanded digital yuan settlement services for offshore trade transactions in Shanghai’s Lingang New Area while launching a cross-border e-commerce payment solution in partnership with Yiwu Pay.
Elsewhere, ICBC’s Inner Mongolia branch recently completed the region’s first large-value cross-border transfer to Hong Kong worth 220 million yuan using the multilateral CBDC bridge.
Officials see Digital currencies transforming international payments
ICBC says it will continue collaborating with the International Operation Center to broaden standardized digital yuan settlement services across cross-border e-commerce, offshore trade, commodity financing, and international logistics as more foreign trade companies join the platform.
The latest development also aligns with broader policy discussions about the future of international payment systems.
Speaking during the Lujiazui Forum in June, Wang Xin, director-general of the People’s Bank of China’s Research Bureau, said stablecoins could play an increasingly important role in cross-border payments while regulators continue evaluating their impact on the international monetary system.
“Stablecoins may play a larger role in cross-border payments,” Wang said, adding that policymakers will continue studying their implications for payment infrastructure and monetary stability.
He also emphasized that central bank digital currencies require continued international cooperation as countries explore new technologies capable of making cross-border payments faster, cheaper, and more efficient.
The successful China-Singapore transaction suggests those ambitions are beginning to move from pilot programs into real commercial activity.
As more financial institutions connect to the upgraded CBETS network and additional trading partners participate, the digital yuan could gradually become a more prominent settlement option for international trade, reinforcing China’s long-term objective of building a modern, interoperable payment ecosystem that complements evolving global financial infrastructure.
