The Industrial and Commercial Bank of China (ICBC) has completed its first cross-border digital RMB payment with Singapore through its newly upgraded Digitalcurrency Express platform, settling nearly RMB10 million in import shipping fees with same-day delivery of the funds.
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- The Industrial and Commercial Bank of China (ICBC) has completed the first cross-border digital RMB payment with Singapore through the CBETS platform, settling nearly RMB10 million in freight charges.
- The payment reached the Singaporean recipient on the same day that China expands the use of its digital yuan in cross-border trade settlements.
- The deal builds on China’s efforts to enhance the yuan’s digital payment infrastructure as well as ongoing cross-border initiatives for central bank digital currencies (CBDCs) and stablecoins.
According to the mobile payment network, the transaction was joint complete By the Shanghai branch of the Industrial and Commercial Bank of China (ICBC) and ICBC Singapore, becoming the first cross-border payment between China and Singapore to be powered by the CBETS platform.
The payment covered approximately 10 million yuan of import shipping costs and was settled entirely in digital renminbi, with the funds arriving in the recipient’s Singaporean account on the same day.
The report said the deal was completed for W, a subsidiary of the centrally owned trading platform that regularly imports iron ore and pays overseas freight charges.
Because the company often deals with large-value cross-border settlements, it previously relied on traditional international transfers that involved multiple intermediary banks, longer processing times and foreign exchange costs.
ICBC Shanghai introduced the company to the Digitalcurrency Express platform as an alternative settlement method before working with its Singapore branch to complete the payment. According to the report, the deal demonstrates how digital yuan settlement can shorten the payment processing process while providing direct visibility into cross-border money transfers.
Beyond single payment, the development expands the Industrial and Commercial Bank of China’s (ICBC) use of China’s international digital yuan infrastructure. The mobile payment network said the bank has now established integrated digital yuan payment and collection services with both Singapore and Laos through the CBETS platform, creating a unified cross-border settlement framework linking its local and overseas branches.
CBETS expands digital yuan payment network in China
The Digitalcurrency Express platform was created by the International Operations Center for Digital RMB under the guidance of the Digital Currency Research Institute of the People’s Bank of China. According to the mobile payment network, the platform was upgraded in 2026 after the reorganization of China’s digital yuan infrastructure, combining the previous cross-border payment platform, blockchain service platform and digital asset platform into one settlement network.
Offshore financial institutions can connect through an access point in Hong Kong known as “One Point Access,” allowing participants to access multiple services through a single portal. The platform supports both centralized and blockchain-based systems while using ISO 20022 messaging standards, making it compatible with existing international payment infrastructure.
Its design also allows financial institutions to process barcode payments, remittances, trade settlements and investment-related transactions while supporting additional digital financial services. According to the report, the modular architecture combines retail and wholesale payment functions with on-chain and off-chain settlement services to reduce integration costs for participating institutions.
The platform has continued to add financial institutions since its launch. On June 16, 2026, the International Operations Center signed direct participant service agreements with the first group of 26 financial institutions, including the Industrial and Commercial Bank of China of Asia, the Bank of China Hong Kong, Standard Chartered China and several overseas branches of the Industrial and Commercial Bank of China operating in Singapore, Thailand, Laos, Macau and Qatar.
The digital yuan’s cross-border expansion continues
The latest deal builds on China’s efforts to expand the use of the digital yuan beyond domestic payments. Last year, the People’s Bank of China decided The Digital RMB Operation and Management Center is combined with the International Operations Center to separately oversee the domestic adoption and international infrastructure of the currency. Officials said at the time that the two institutions would support the domestic rollout and external communication of the digital yuan.
Since then, authorities have steadily expanded the scope of cross-border applications. Starting January 1, 2026, banks Payment of interest is allowed On verified digital yuan wallets as part of the shift from electronic cash to an interest-bearing digital deposit currency. Meanwhile, the central bank announced plans to expand cross-border test flights to include Singapore, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia.
The Industrial and Commercial Bank of China (ICBC) has also introduced several cross-border payment services over the past year. According to the mobile payment network, the Shanghai branch previously launched the “Hu e Hui” international remittance service using the central bank’s multilateral digital currency bridge, reducing processing times for eligible transfers from about one hour to five minutes.
The bank also expanded digital yuan settlement to include overseas trade transactions in Shanghai’s Lingang New Area and introduced a cross-border e-commerce payment solution with Yiwu Pay.
Elsewhere in China, the Inner Mongolia branch of the Industrial and Commercial Bank of China recently completed the region’s first major cross-border yuan digital transfer worth 220 million yuan using a multilateral CBDC bridge, according to the report.
The mobile payment network said the Industrial and Commercial Bank of China plans to continue working with the International Operations Center to expand unified digital yuan settlement services across cross-border e-commerce, foreign trade, commodity financing and international logistics payments as more foreign trade companies adopt the platform.
The deal also comes as Chinese policymakers continue to position digital currencies as part of future international payment networks.
Wang Xin, director general of the People’s Bank of China’s Research Office, said, speaking at the Lujiazui Forum last June Stablecoins could play a bigger role in cross-border payments While policymakers continue to monitor its impact on the international monetary system and payments infrastructure.
Wang also said that central bank digital currencies deserve continued international cooperation as countries explore new cross-border payment technologies.
