Singapore, December 24 (Xinhua Finance) — Under the joint guidance of the Digital Currency Research Institute of the People's Bank of China and the Monetary Authority of Singapore, ICBC Singapore Branch, with the support of its headquarters, has actively implemented the digital yuan cooperation achievements announced at this year's China-Singapore Joint Council for Bilateral Cooperation (JCBC). The bank recently launched a pilot program for overseas top-ups of digital yuan personal wallets, adding a new use case for digital yuan consumption and further deepening bilateral cooperation in this field.

This pilot marks another significant innovation by ICBC Singapore Branch in the digital yuan space, following its earlier domestic settlement pilot for import-export trade. Singaporean tourists only need to register a wallet in the digital yuan app and can then top up their digital yuan balance via ICBC Singapore Branch's personal mobile banking service using their local account. This enables seamless payments in China for transportation, tourism, shopping, dining, and accommodation.

As the first overseas operating institution of ICBC Group and the designated RMB clearing bank in Singapore, ICBC Singapore Branch will continue to leverage its international expertise and professional excellence to drive innovation in RMB internationalization. This initiative supports the high-quality, forward-looking partnership between China and Singapore, especially as the two nations celebrate the 35th anniversary of diplomatic relations.