Standard Chartered Hong Kong has announced the launch of a cross-border RMB network payment and clearing service, marking a significant milestone for foreign banks in the region. According to the bank, it has completed the necessary system development and upgrades to integrate with the China National Clearing Center (NUCC) through the Cross-Border Interbank Payment System (CIPS) platform. This integration enables real-time processing of cross-border clearing instructions and completes settlement transactions for its partner institutions.

Zhang Ying, Head of Cash Management for Greater China and North Asia at Standard Chartered, stated that the bank is now the first foreign bank outside mainland China to establish clearing business connectivity with NUCC via the CIPS platform. This initiative supports real-time cross-border clearing for partner accounts, including those of Ant International, delivering more convenient and secure cross-border payment solutions.

Zhang further explained that this model, which allows direct participation and clearing for foreign banks through a direct connection, expands the application scenarios for RMB cross-border payments. It offers more efficient financial infrastructure support for payment institutions engaging in cross-border operations. Meanwhile, Li Yue, General Manager of Platform Technology at Ant International, highlighted that with the rapid growth of cross-border trade and e-commerce, market demand for faster, more efficient, and seamless cross-border RMB payment services is intensifying. He noted that the financial infrastructure upgrades driven by the tripartite collaboration will further enhance cross-border RMB settlement capabilities and improve the operational efficiency of payment institutions.

This development underscores the growing importance of RMB internationalization and the commitment of financial institutions to innovate in cross-border payment solutions.