ICBC Completes China's First Digital Yuan Cross-Border Payment to Singapore

China has made significant strides in its digital yuan cross-border payment infrastructure. ICBC completed China's first digital yuan cross-border payment with Singapore through the CBETS platform, settling nearly 10 million yuan in import shipping fees.

The transaction was jointly completed by the Shanghai branch of the Industrial and Commercial Bank of China (ICBC) and ICBC Singapore, becoming the first China-Singapore cross-border payment to run through the Digital Currency Express comprehensive settlement platform.

The payment covered nearly 10 million yuan in import shipping costs and was settled entirely in digital renminbi, with the funds reaching the Singapore recipient's account on the same day.