China has successfully completed its first cross-border payment to Singapore using the digital yuan. The transaction, conducted via China’s Digital Currency Express (CBETS) platform, involved import shipping fees totaling approximately 10 million yuan, which were transferred to Singapore on the same day. This development highlights China’s efforts to expand the use of the digital yuan in cross-border trade payments.
First Digital Yuan Cross-Border Payment
This payment to W Company, a result of a joint effort between the Shanghai branch of the Industrial and Commercial Bank of China (ICBC) and ICBC Singapore, marks the first digital yuan cross-border payment between China and Singapore. W Company is known as a subsidiary of a centrally owned trading platform that regularly imports iron ore and pays overseas shipping charges. Unlike traditional international transfer methods, this new digital payment method offers a faster and more direct solution by shortening transaction times and reducing exchange costs.
Expansion of Digital Yuan Infrastructure
This transaction is noteworthy as part of China’s efforts to strengthen its digital yuan payment infrastructure. 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. It also allows foreign financial institutions to connect to the platform via a Hong Kong access point called “One Point of Access.”
