China Completes First Digital Yuan Payment to Singapore Through CBETS

China has expanded its digital yuan network by successfully completing the first cross-border payment to Singapore through its CBETS platform. The Industrial and Commercial Bank of China (ICBC) processed nearly 10 million yuan in import shipping fees, marking a significant milestone in the development of China's international digital yuan infrastructure.

The transaction replaced traditional international transfers involving several intermediary banks, reducing operational complexity and foreign exchange costs while improving visibility across the cross-border transfer process. The payment was facilitated through ICBC's Shanghai branch and its Singaporean counterpart, with funds reaching the recipient on the same day.

CBETS is a digital settlement platform operating under the Digital RMB International Operation Center, which has upgraded the platform to integrate multiple functions, including cross-border payments, blockchain services, and digital asset functions. The platform's modular design allows for barcode payments, remittances, trade settlements, and investment transactions, making it an attractive option for financial institutions.

ICBC targets a wider use of CBETS for trade, logistics, and e-commerce payments, with plans to expand standardized settlement services across cross-border e-commerce, offshore trade, commodity financing, and logistics payments. The bank expects broader business adoption as more companies join the platform.