China Completes First Digital Yuan Cross-Border Payment to Singapore

China completed its first cross-border payment to Singapore using the digital yuan, with the Industrial and Commercial Bank of China's Shanghai branch and ICBC Singapore transferring approximately 10 million yuan in import shipping fees on the same day. The transaction was conducted via China's Digital Currency Express platform and involved W Company, a subsidiary of a centrally owned trading platform that regularly imports iron ore and pays overseas shipping charges. This payment method offers a faster and more direct solution than traditional international transfers by shortening transaction times and reducing exchange costs. The development is part of China's efforts to expand the use of the digital yuan in cross-border trade payments, supported by infrastructure developed under the People's Bank of China's Digital Currency Research Institute.

ICBC Completes First Digital Yuan Payment to Singapore

The payment to W Company marked the first digital yuan cross-border payment between China and Singapore, resulting from a joint effort between ICBC's Shanghai branch and ICBC Singapore. W Company is a subsidiary of a centrally owned trading platform that regularly imports iron ore and pays overseas shipping charges. Unlike traditional international transfer methods, the digital payment method shortened transaction times and reduced exchange costs by providing a faster and more direct solution.

PBOC Restructures Digital Currency Express Platform in 2026

The Digital Currency Express platform was developed under the guidance of the People's Bank of China's Digital Currency Research Institute and restructured in 2026. The platform supports centralized and blockchain-based systems, making it compatible with existing international payment infrastructure. Foreign financial institutions can connect to the platform via a Hong Kong access point called "One Point of Access."

FAQ

What was the first digital yuan cross-border payment between China and Singapore?

China's first digital yuan cross-border payment to Singapore involved the Industrial and Commercial Bank of China's Shanghai branch and ICBC Singapore transferring approximately 10 million yuan in import shipping fees to W Company on the same day via the Digital Currency Express platform.

How does the Digital Currency Express platform support cross-border payments?

The Digital Currency Express platform, developed under the People's Bank of China's Digital Currency Research Institute and restructured in 2026, supports centralized and blockchain-based systems and allows foreign financial institutions to connect via a Hong Kong access point called "One Point of Access."