StanChart Commences China RMB CIPs Payments
(18 December 2023 - Hong Kong) Standard Chartered is the first foreign bank in the offshore market permitted to participate in the global Chinese Cross Border Interbank Payment System clearing platform for Renminbi.
CT reports that as demand rises for RMB internationalisation, Standard Chartered Hong Kong has commenced cross border RMB clearing services in China’s CIPS global clearing platform for real-time RMB settlement. Based in Shanghai and boasting over 100 operators on its platform, the platform connects mainland China with offshore RMB centres and markets across the world. It is
As a result, SCB has become the first foreign bank in the offshore market to participate in CIPS directly to clear cross-border RMB payments.
“It is the first time for an offshore foreign bank to connect with mainland China’s clearing system. We’ve put a lot of effort in designing the technical system, operational framework and business services to ensure a seamless, efficient and secure clearing process for our clients, while meeting the regulatory requirements" commented Standard Chartered Hong Kong Head of Transaction Banking, Jin Kok Teoh.
“Now, as we no longer need to go through a correspondent bank for RMB settlements with mainland China, we can significantly shorten the settlement turnaround time and reduce the cost for the payers and beneficiaries. The demand for cross-border RMB settlements has been increasing remarkably in the recent years. Standard Chartered Hong Kong is well-positioned to meet our clients’ needs for best-in-class RMB services and contribute to the internationalisation of the RMB” Teoh added.
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