The Industrial and Commercial Bank of China (ICBC) has completed China's first digital yuan cross-border payment to Singapore through the newly upgraded Digital Currency Express (CBETS) platform, settling nearly 10 million yuan in import shipping fees with same-day fund delivery.

According to Mobile Payment Network, the transaction was jointly executed by ICBC's Shanghai branch and ICBC Singapore, marking the first China-Singapore cross-border payment processed through the CBETS comprehensive settlement platform. The payment covered import shipping costs and was settled entirely in digital renminbi, with the funds reaching the Singapore recipient's account on the same day.

The transaction was carried out for W Company, a subsidiary of a centrally owned enterprise's trading platform that regularly imports iron ore and pays overseas shipping charges. The company frequently handles large-value cross-border settlements and had previously relied on conventional international transfers involving multiple intermediary banks, longer processing times, and foreign exchange costs. Conventional cross-border corporate payments typically route through correspondent banking networks, where funds pass through several intermediary institutions, each adding processing days and transaction fees. ICBC Shanghai introduced the company to the Digital Currency Express platform as an alternative settlement method before coordinating with its Singapore branch to complete the payment.

The report noted that the transaction demonstrates how digital yuan settlement can shorten payment processing times while providing direct visibility into cross-border fund transfers.

Beyond this individual payment, the development expands ICBC's use of China's international digital yuan infrastructure. Mobile Payment Network reported that the bank has now established integrated digital yuan payment and collection services with both Singapore and Laos through the CBETS platform, creating a unified cross-border settlement framework linking its domestic and overseas branches.

CBETS Expands China's Digital Yuan Payment Network

The Digital Currency Express platform was built by the International Operation Center of the digital renminbi under the guidance of the People's Bank of China's Digital Currency Research Institute. According to Mobile Payment Network, the platform was upgraded in 2026 following a reorganization of China's digital yuan infrastructure, consolidating the previous cross-border payment platform, blockchain service platform, and digital asset platform into a single settlement network.

Overseas financial institutions can connect through a Hong Kong access point called "One Point Access," enabling participants to reach multiple services through a single gateway. The platform supports both centralized and blockchain-based systems and uses ISO 20022 messaging standards—the same international data format being adopted by major payment networks worldwide for cross-border payment modernization—making it compatible with existing international payment infrastructure.

The platform's design allows financial institutions to process barcode payments, remittances, trade settlements, and investment-related transactions while supporting additional digital financial services. Its modular architecture combines retail and wholesale payment functions with on-chain and off-chain settlement services, reducing integration costs for participating institutions.

Since its launch, the platform has continued adding financial institutions. On June 16, 2026, the International Operation Center signed direct participant service agreements with the first group of 26 financial institutions, including ICBC Asia, Bank of China Hong Kong, Standard Chartered China, and several overseas ICBC branches operating in Singapore, Thailand, Laos, Macau, and Qatar.

Digital Yuan Cross-Border Expansion Continues

The latest transaction builds on China's broader efforts to extend digital yuan use beyond domestic payments. China's digital yuan is among the most advanced central bank digital currency projects by a major economy, and cross-border functionality represents a critical step in expanding its role in international trade settlement. Last year, the People's Bank of China established the Digital RMB Operation and Management Center alongside the International Operation Center to separately oversee domestic adoption and international infrastructure for the currency. Officials said the two institutions would support both local deployment and overseas connectivity.

Authorities have since steadily expanded cross-border applications. Beginning January 1, 2026, banks were permitted to pay interest on verified digital yuan wallets as part of the transition from electronic cash to an interest-bearing digital deposit currency. At the same time, the central bank announced plans to widen cross-border pilots involving Singapore, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia.

ICBC has introduced several cross-border payment services over the past year. According to Mobile Payment Network, the Shanghai branch launched the "Hu e Hui" international remittance service using the multilateral central bank digital currency bridge, a multi-jurisdiction CBDC platform involving several central banks, reducing processing times for eligible transfers from approximately one hour to five minutes. The bank has also extended digital yuan settlement to offshore trade transactions in Shanghai's Lingang New Area and introduced a cross-border e-commerce payment solution with Yiwu Pay.

Elsewhere in China, ICBC's Inner Mongolia branch recently completed the region's first large-value digital yuan cross-border transfer to Hong Kong, worth 220 million yuan, using the multilateral CBDC bridge.

Mobile Payment Network reported that ICBC plans to continue working with the International Operation Center to expand standardized digital yuan settlement services across cross-border e-commerce, offshore trade, commodity financing, and international logistics payments as more foreign trade companies adopt the platform.

The transaction also comes as Chinese policymakers continue positioning digital currencies within future international payment networks. Speaking at the Lujiazui Forum in June, Wang Xin, director-general of the People's Bank of China's Research Bureau, said stablecoins could play a larger role in cross-border payments while policymakers continue monitoring their impact on the international monetary system and payment infrastructure. Wang also stated that central bank digital currencies warrant continued international cooperation as countries explore new cross-border payment technologies.