China Completes First Cross-Border Digital Yuan Payment to Singapore
China has made significant strides in expanding the use of its digital yuan, completing its first cross-border payment to Singapore. The transaction involved a substantial amount of money, with 10 million yuan being transferred via China's Digital Currency Express (CBETS) platform.
The payment was made to W Company, a subsidiary of a centrally owned trading platform that imports iron ore and pays overseas shipping charges. This marks a major milestone in China's efforts to strengthen its digital yuan payment infrastructure, which is seen as a faster and more direct solution compared to traditional international transfer methods.
According to reports, the Digital Currency Express platform was developed under the guidance of the People's Bank of China's Digital Currency Research Institute and restructured in 2026. The platform supports both centralized and blockchain-based systems, making it compatible with existing international payment infrastructure.