In the pursuit of expanding the internationalization of the renminbi, in addition to the Belt and Road Initiative and central bank currency swap agreements, domestic payment giants obtaining overseas cross-border payment licenses has become increasingly important. As we enter 2026, this trend has become more evident.
Recent market information indicates that two payment institutions have secured cross-border payment licenses in Hong Kong and Singapore, laying the groundwork for further expansion into Southeast Asia's payment and settlement sector. One of them is ZTO Digital Technology (Hong Kong), which has officially obtained a Money Service Operator (MSO) license issued by Hong Kong Customs. ZTO Digital Technology (Hong Kong) is a subsidiary of ZTO Pay. The other is CoGoLinks Asia, the Singapore-based entity of CoGoLinks International, which has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.
The approval of the MSO license marks a critical step for ZTO Pay in establishing a compliant presence in the cross-border payment sector, officially granting it the qualification to conduct full-chain cross-border fund settlements. This move is expected to significantly enhance economic and trade cooperation between China and ASEAN, while also building a compliant bridge to serve global enterprises expanding overseas.
A representative from CoGoLinks International stated that the MPI license took effect on March 1, providing a crucial foundation for opening up cross-border trade fund channels in Singapore and Southeast Asia, and for building a global digital payment network.
Industry experts observe that using Hong Kong and Singapore as strategic hubs for renminbi cross-border settlement, while further penetrating the ASEAN or Southeast Asian markets, has become the preferred strategy for domestic payment giants.
It is worth noting that ZTO Digital Technology (Hong Kong) is backed by ZTO Express, a major logistics player in China. As a holder of a domestic payment license in China, obtaining the Hong Kong MSO license highlights ZTO's strategic ambitions in the ASEAN market.
The ASEAN market holds a central position in ZTO Pay's cross-border business strategy. Leveraging its mature cross-border renminbi payment capabilities and the extensive logistics ecosystem of ZTO Express Group, ZTO Pay has successfully established a logistics fund settlement network covering key ASEAN countries such as Vietnam, Thailand, and Cambodia, achieving synergy between international logistics and cross-border payments. Furthermore, the company is deeply rooted in Guangxi, actively aligning with regional opening-up strategies and advancing key projects like border trade settlements with Vietnam and the ASEAN Single Window for foreign exchange receipts and payments, effectively addressing settlement challenges in cross-border trade and supporting Guangxi's development as a financial gateway to ASEAN.
The approval of the MSO license serves as a "compliance passport" for ZTO Pay's cross-border financial operations in Hong Kong. This license authorizes ZTO Pay to legally conduct global fund settlements and multi-currency exchange operations, enabling it to use Hong Kong as a hub to connect with global financial resources.
With this license, ZTO Pay will collaborate with renowned domestic and international banks to build an integrated payment network covering major global trade regions, including Southeast Asia, Europe, and the United States. This will strengthen its multi-currency settlement capabilities, improve payment efficiency, reduce operational costs for businesses, and make cross-border trade settlements more efficient, convenient, and secure.
It is understood that ZTO Digital Technology's cross-border settlement bank in Hong Kong is SPD Bank's Hong Kong Branch. Upon obtaining the license, Shanghai ZTO Digital Technology and SPD Bank Hong Kong Branch signed a Strategic Cooperation Agreement on Cross-Border Settlement. The agreement outlines plans to leverage ZTO Pay's cross-border renminbi qualifications and ZTO Digital Technology (Hong Kong)'s MSO license, combined with SPD Bank Hong Kong Branch's international settlement network, to focus on the fund flow needs of industries such as cross-border e-commerce, artificial intelligence, and logistics between China and ASEAN. The collaboration aims to establish an efficient, low-cost cross-border payment system and contribute to building a China-ASEAN community with a shared future. The partnership will focus on creating a cross-border settlement network covering key ASEAN nations like Vietnam, Thailand, and Singapore, promoting bilateral local currency settlement between the renminbi and currencies such as the Vietnamese dong and Thai baht, thereby reducing exchange costs and currency risks for enterprises. Additionally, both parties will enhance compliance cooperation, establishing mechanisms for cross-border data sharing and risk control to ensure the security and efficiency of cross-border fund flows.
Singapore and Hong Kong are regarded as twin hubs for connecting to the Southeast Asian cross-border payment market, both being top-ranked international financial centers. Some payment institutions choose Hong Kong as their pivot for renminbi cross-border settlement, while others opt for Singapore as their forward base.
On March 8, a representative from CoGoLinks International revealed that the MPI license obtained by its Singapore entity, CoGoLinks Asia, authorizes it to provide five types of services locally: account issuance, domestic remittance, cross-border remittance, merchant acquisition, and e-money issuance.
Singapore, as a regional financial and trade hub, has become the preferred location for payment platforms expanding overseas. Particularly under the deepening implementation of the RCEP agreement, increasingly close commercial ties between Southeast Asia and China, coupled with rapidly growing cross-regional trade, have generated substantial demand for cross-border payments. As the world's fourth-largest financial center, Singapore, with its robust financial legal system, open market environment, and stringent regulatory standards, serves as a core hub for payment companies looking to establish a presence in Southeast Asia.
A senior Singapore payment market analyst noted on March 9 that under the Payment Services Act implemented by the Monetary Authority of Singapore in 2019, payment licenses are categorized into three main types: Money-Changing License (MC), Standard Payment Institution License (SPI), and Major Payment Institution License (MPI). The MPI license, due to its broad scope of permitted services, large transaction volume handling capacity, and high compliance standards, is considered a "golden passport" for entering the Southeast Asian cross-border payment market and is the preferred qualification for many payment firms.
A comparison shows that the strategic significance of the licenses obtained by ZTO Digital Technology and CoGoLinks International differs. The latter had already secured an MSO license in Hong Kong in 2019, obtained an MSB license in the United States in 2021, and in September 2025, became the first Chinese payment platform to receive a payment license within the UAE's DIFC free trade zone.
For cross-border payment businesses, the MSO license is often the first key permit, with other regional licenses pursued based on the actual expansion needs of payment giants into overseas markets.
Notably, institutions holding a greater number of overseas business licenses tend to have larger cross-border payment and settlement volumes, which also significantly benefits the internationalization of the renminbi. According to the latest data released by CoGoLinks International, its total transaction volume in 2025 surged by 174.76% compared to 2024. Service trade collection business saw a remarkable 617.9% year-on-year increase, becoming a key growth driver, while foreign trade collection business experienced explosive growth of 340.5% year-on-year. Within its platform collection business, the Brazilian market performed exceptionally well, with a monthly compound growth rate reaching 27.96%.
The CoGoLinks International representative revealed that after obtaining the MPI license, the company will use Singapore as its operational hub for Southeast Asia, establishing a local team. Leveraging the MPI license, it will focus on three key product directions: First, optimizing the two-way payment corridor between China and Southeast Asia, providing overseas-expanding enterprises with local Singapore account setup and multi-currency collection and payment services to reduce foreign exchange costs and improve capital efficiency. Second, replicating its mature integrated "collection, payment, exchange, management" product suite from the Chinese market, enabling local Southeast Asian foreign trade businesses to manage multi-scenario cross-border trade funds through a single account. Third, achieving interoperability between Southeast Asia and global cross-border payment systems. By combining CoGoLinks International's compliance qualifications and payment systems across multiple key international financial regions, the company aims to build a globalized payment ecosystem network, facilitating the digital upgrade of international trade.