China completes first digital yuan payment to Singapore

ICBC has completed China's first digital yuan cross-border payment with Singapore through the newly upgraded Digital Currency Express platform, settling nearly 10 million yuan in import shipping fees with same-day fund delivery.

According to Mobile Payment Network, 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 (CBETS) 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.

The report said the transaction was completed for W Company, a subsidiary of a centrally owned enterprise's trading platform that regularly imports iron ore and pays overseas shipping charges.

Because the company frequently handles large-value cross-border settlements, it previously relied on conventional international transfers that involved multiple intermediary banks, longer processing times and foreign exchange costs.

ICBC Shanghai introduced the company to the Digital Currency Express platform as an alternative settlement method before working with its Singapore branch to complete the payment. According to the report, the transaction demonstrates how digital yuan settlement can shorten payment processing while providing direct visibility into cross-border fund transfers.

Beyond the individual payment, the development expands ICBC's use of China's international digital yuan infrastructure. 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 domestic and overseas branches.

The Digital Currency Express platform was built by the International Operation Center of the digital renminbi under the guidance of the People's Bank of China's Digital Currency Research Institute. According to Mobile Payment Network, the platform was upgraded in 2026 after China's digital yuan infrastructure was reorganized, combining the previous cross-border payment platform, blockchain service platform, and digital asset platform into a single settlement network.

Overseas financial institutions can connect through a Hong Kong access point known as "One Point Access," allowing participants to access multiple services through a single gateway. 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 Operation Center signed direct participant service agreements with the first group of 26 financial institutions, including ICBC Asia, Bank of China Hong Kong, Standard Chartered China and several overseas ICBC branches operating in Singapore, Thailand, Laos, Macau and Qatar.

The latest transaction builds on China's efforts to expand digital yuan use beyond domestic payments. Last year, the People's Bank of China established the Digital RMB Operation and Management Center alongside the International Operation Center to separately oversee domestic adoption and international infrastructure for the currency. Officials said at the time that the two institutions would support both local deployment and overseas connectivity for the digital yuan.

Since then, authorities have steadily expanded cross-border applications. Beginning Jan. 1, 2026, banks were allowed to pay interest on verified digital yuan wallets as part of the transition from electronic cash to an interest-bearing digital deposit currency. At the same time, the central bank announced plans to widen cross-border pilots involving Singapore, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia.

ICBC has also introduced several cross-border payment services over the past year. According to Mobile Payment Network, the Shanghai branch previously launched the "Hu e Hui" international remittance service using the multilateral central bank digital currency bridge, reducing processing times for eligible transfers from about one hour to five minutes.

The bank has also extended digital yuan settlement to offshore trade transactions in Shanghai's Lingang New Area and introduced a cross-border e-commerce payment solution with Yiwu Pay.

Elsewhere in China, ICBC's Inner Mongolia branch recently completed the region's first large-value digital yuan cross-border transfer to Hong Kong worth 220 million yuan using the multilateral CBDC bridge, according to the report.

Mobile Payment Network said ICBC plans to continue working with the International Operation Center to expand standardized digital yuan settlement services across cross-border e-commerce, offshore trade, commodity financing and international logistics payments as more foreign trade companies adopt the platform.

The transaction also comes as Chinese policymakers continue to position digital currencies as part of future international payment networks.

Speaking at the Lujiazui Forum in June, Wang Xin, director-general of the People's Bank of China's Research Bureau, said stablecoins could play a larger role in cross-border payments while policymakers continue monitoring their impact on the international monetary system and payment infrastructure.

Wang also said central bank digital currencies deserve continued international cooperation as countries explore new cross-border payment technologies.

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