Key facts
- China signed agreements with 26 financial institutions to join its digital yuan cross-border payment platform.
- The platform is called Cross-border e-CNY Transfer Services (CBETS).
- CBETS aims to facilitate low-cost, efficient cross-border payments.
- Standard Chartered Bank (China) is one of the first foreign banks to join the platform.
- The People's Bank of China manages the digital yuan's international operation centre.
China has signed agreements with 26 financial institutions to join its Cross-border e-CNY Transfer Services (CBETS) platform, a move aimed at expanding low-cost, efficient cross-border payments and advancing the global adoption of its digital yuan. The agreements were signed in Shanghai on Tuesday.
CBETS is an integrated cross-border settlement platform that facilitates round-the-clock digital payment links with foreign central banks and overseas financial institutions. The international operation centre for the digital yuan is managed by the People's Bank of China.
"Fintech is fundamentally reshaping the underlying logic of cross-border payments and providing new momentum and pathways for them," said Jean Lu, CEO of Standard Chartered Bank (China). "An efficient, convenient, and compliant cross-border payment experience will further enhance the international use of the yuan." Standard Chartered Bank (China) was among the first foreign banks to sign and join CBETS.