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. Summary ICBC has completed China’s first digital yuan cross border payment with Singapore through the CBETS platform, settling nearly 10 million yuan in shipping fees. The payment reached the Singapore recipient on the same day as China expands the use of its digital yuan for cross border trade settlements. The transaction builds on China’s push to strengthen digital yuan payment infrastructure alongside ongoing cross border CBDC and stablecoin initiatives. 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 r...