ICBC Completes First Digital Yuan Cross-Border Payment on CBETS Platform With Singapore, Nearly 10 Million Yuan

According to ChainCatcher, the Industrial and Commercial Bank of China (ICBC) recently completed the first digital yuan cross-border payment through the CBETS (数币达) platform between China and Singapore. The transaction, involving nearly 10 million yuan in import shipping fees, was fully settled in digital currency and reached the Singapore recipient's account on the same day, achieving zero-delay fund transfer and high transparency.

The service was provided to a trading subsidiary of a central enterprise that frequently imports iron ore and pays overseas shipping costs. CBETS is a cross-border settlement infrastructure built under the guidance of the People's Bank of China Digital Currency Research Institute, allowing overseas participants to connect through Hong Kong's access point and supporting both centralized and blockchain systems.