ICBC completes first digital yuan cross-border payment to Singapore

On June 16, 2026, the International Operation Center signed direct participant service agreements with the first group of 26 financial institutions. Those included ICBC Asia, Bank of China Hong Kong, Standard Chartered China and several overseas ICBC branches in Singapore, Thailand, Laos, Macau and Qatar.

The latest transaction builds on China's broader push to expand digital yuan use beyond domestic payments. Last year, the PBOC established the Digital RMB Operation and Management Center alongside the International Operation Center to separately oversee domestic adoption and international infrastructure. Officials said at the time that the two institutions would support both local deployment and overseas connectivity.

Since Jan. 1, 2026, banks have been allowed to pay interest on verified digital yuan wallets, marking a transition from electronic cash to an interest-bearing digital deposit currency. The central bank also announced plans to widen cross-border pilots involving Singapore, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia.

ICBC has introduced several other cross-border payment services over the past year. The Shanghai branch launched the "Hu e Hui" international remittance service using the multilateral central bank digital currency bridge, which reduced processing times for eligible transfers from about one hour to five minutes. The bank has also extended digital yuan settlement to offshore trade transactions in Shanghai's Lingang New Area and introduced a cross-border e-commerce payment solution with Yiwu Pay.

In Inner Mongolia, ICBC's branch there completed the region's first large-value digital yuan cross-border transfer to Hong Kong worth 220 million yuan using the multilateral CBDC bridge, according to the report.

Mobile Payment Network said ICBC plans to continue working with the International Operation Center to expand standardized digital yuan settlement services across cross-border e-commerce, offshore trade, commodity financing and international logistics payments as more foreign trade companies adopt the platform.

The transaction comes as Chinese policymakers continue to position digital currencies as part of future international payment networks. Speaking at the Lujiazui Forum in June, Wang Xin, director-general of the PBOC's Research Bureau, said stablecoins could play a larger role in cross-border payments while policymakers continue monitoring their impact on the international monetary system. He also said central bank digital currencies deserve continued international cooperation as countries explore new cross-border payment technologies.