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ICBC Executes First Digital Yuan CBETS Transaction with Singapore
ICBC executed a 10 million yuan cross-border digital yuan settlement via CBETS, cutting settlement time from days to hours. The transaction signals growing adoption of China's digital currency infrastructure for commercial trade.
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ICBC executed the first cross-border digital yuan transaction using the CBETS platform, settling 10 million yuan for ocean freight charges between a Chinese importer and a Singapore recipient in a single day, the bank said.
The transaction bypassed the multi-bank correspondent network, cutting settlement time from days to hours and eliminating currency conversion steps, ICBC said. The importing firm, which regularly pays for raw material shipments, received the funds through the Singapore recipient within the same day.
CBETS, or the Cross-Border E-CNY Settlement System, operates under the Digital RMB International Operation Center. The platform was upgraded through 2026 to merge international payment rails, distributed ledger technology, and digital asset management into one system, officials said. Overseas banks access it through a Hong Kong gateway, using a single integration point for traditional banking, blockchain networks, and the ISO 20022 messaging standard.