TLDR
- China completes first CBETS digital yuan payment with Singapore successfully.
- ICBC settles nearly 10 million yuan shipping fees through CBETS platform.
- CBETS enables same-day digital yuan cross-border settlement and transfers.
- China expands digital yuan network with Singapore and Laos payment links.
- ICBC targets wider CBETS use for trade, logistics, and e-commerce payments.
China completed its first CBETS digital yuan payment with Singapore, marking a new step in cross-border settlement infrastructure. Industrial and Commercial Bank of China processed nearly 10 million yuan in import shipping fees through CBETS with same-day settlement. The transaction expands China’s international digital yuan network and strengthens cross-border payment efficiency.
CBETS powers China Singapore digital yuan settlement
Industrial and Commercial Bank of China completed the transaction through its Shanghai branch and ICBC Singapore. The payment covered import ocean freight for a Chinese trading company importing iron ore. Funds reached the Singapore recipient on the same day through CBETS.
The transaction replaced conventional international transfers involving several intermediary banks. As a result, settlement became faster while reducing operational complexity and foreign exchange costs. The payment also improved visibility across the cross-border transfer process.
The trading company regularly handles large international payments for commodity imports. Therefore, faster settlement offered a practical alternative to traditional remittance channels. The successful payment also demonstrated CBETS for large commercial trade transactions.
CBETS expands China’s international digital yuan infrastructure
The digital settlement platform operates under the Digital RMB International Operation Center. Authorities upgraded CBETS in 2026 after integrating several digital yuan infrastructure platforms. The upgrade combined cross-border payments, blockchain services, and digital asset functions into one network.
The platform allows overseas financial institutions to connect through a Hong Kong access point. Consequently, participants can access multiple settlement services through one connection. CBETS also supports centralized systems, blockchain infrastructure, and ISO 20022 messaging standards.
Its modular design supports barcode payments, remittances, trade settlements, and investment transactions. The platform also combines retail and wholesale payment functions with on-chain and off-chain settlement. That structure lowers integration costs while expanding digital financial services through CBETS.
The platform continues adding participating financial institutions across several regions. On June 16, 2026, the International Operation Center signed agreements with 26 institutions. The participants included ICBC Asia, Bank of China Hong Kong, Standard Chartered China, and several overseas ICBC branches.
Digital yuan expansion continues through CBETS
The latest transaction follows China’s wider digital yuan expansion strategy. Authorities established separate domestic and international digital yuan operating centers during 2025. Those institutions now oversee domestic adoption and overseas infrastructure development.
Beginning January 1, 2026, banks gained permission to pay interest on verified digital yuan wallets. Authorities also expanded cross-border digital yuan pilots into Singapore, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia. Those initiatives increased international digital yuan adoption through CBETS infrastructure.
ICBC also expanded digital yuan payment services during the past year. Its Shanghai branch launched the Hu e Hui remittance service using the multilateral CBDC bridge. That service reduced eligible international transfer times from one hour to about five minutes.
The bank also introduced digital yuan settlement for offshore trade in Shanghai’s Lingang New Area. Additionally, ICBC partnered with Yiwu Pay to support cross-border e-commerce settlements. ICBC’s Inner Mongolia branch completed a 220 million yuan transfer to Hong Kong through the multilateral CBDC bridge.
ICBC plans to expand standardized settlement services across cross-border e-commerce, offshore trade, commodity financing, and logistics payments. The bank expects broader business adoption as more companies join CBETS. The latest settlement also supports China’s broader effort to strengthen digital yuan use in international payments.
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