On June 16, 2026, China finalized its inaugural cross-border digital yuan transaction with Singapore using the CBETS platform.
The Industrial and Commercial Bank of China (ICBC) facilitated nearly 10 million yuan in shipping fees related to iron ore imports, settling the payment on the same day.
The transaction, processed by ICBC's Shanghai branch and its Singapore counterpart, bypassed traditional international transfer routes that typically involve multiple intermediary banks.
This change drastically cut down settlement time and reduced operational complexities and foreign exchange costs, giving the trading company a more efficient alternative to conventional payment methods for large commodity imports.
CBETS, operating under the Digital RMB International Operation Center, underwent a significant upgrade in 2026 that merged cross-border payments, blockchain services, and digital asset management into a unified system.
The platform grants overseas financial institutions access through a Hong Kong gateway, allowing participants to tap into various payment services via a single connection.
Its architecture supports barcode payments, remittances, trade settlements, and investment transactions, combining retail and wholesale payment functions with both on-chain and off-chain settlement options.
This modular setup lowers integration costs and broadens digital financial services accessible through CBETS.
As of mid-2026, 26 financial institutions have joined CBETS, including ICBC Asia, Bank of China Hong Kong, Standard Chartered China, and several of ICBC's overseas branches.
The platform also strengthens China’s digital yuan network by linking payment systems with countries like Singapore and Laos, enhancing cross-border transaction efficiency.
