In today’s globalized economic landscape, the development of digital RMB is ushering in an important breakthrough.
According to reports, the Digital RMB International Operation Center affiliated to the People’s Bank of China successfully signed contracts with 26 direct participants on June 16. This move marks a key step for digital RMB in the field of cross-border payments.
After signing and accessing, domestic and foreign financial institutions can rely on the “Shubida” cross-border settlement comprehensive service platform operated by the center to realize 7×24-hour RMB cross-border digital payment business.
The emergence of this platform not only greatly improves settlement efficiency, but also reduces costs. At the same time, participation methods are more diversified.
The “Shubida” cross-border settlement comprehensive service platform is powerful. It can not only handle barcode payment, Pengpeng and other digital RMB cross-border consumption scenario businesses, but also handle remittances, trade, investment and financing settlement and other businesses.
Compared with traditional methods, the platform’s transaction links are shorter and channel costs are lower.
For customers, settlement efficiency has been significantly improved.
Lu Jing, President and Vice Chairman of Standard Chartered Bank (China) Co., Ltd., said that from the customer’s perspective, the “Shubida” platform can provide customers with efficient, convenient, compliant, transparent, and especially low-cost 7×24-hour high-speed and convenient services. This is undoubtedly an innovation for the entire cross-border payment system.
Guo Hao, deputy general manager of ICBC Doha Branch, also mentioned that through this platform, international settlement options have become more abundant, which means that the infrastructure has been extended to the field of digital renminbi, which is an upgraded version of the international settlement of traditional banks.
It is understood that the business of the first 26 direct participants can cover Hong Kong, China, Macau, Singapore, Laos, Thailand, the United Arab Emirates, Qatar, Brazil and other countries and regions.
This not only reflects the gradual expansion of the influence of the digital renminbi in the international market, but also provides a more convenient payment channel for Chinese goods to go global.
The development of digital RMB is an important achievement in China’s financial technology field. The realization of its cross-border payment function will help promote the internationalization process of RMB.
With the continuous improvement and promotion of the “Shubida” platform, it is believed that more countries and regions will participate in cross-border payments of digital renminbi, injecting new vitality into the development of the global economy.
This is also a rare opportunity for China’s foreign trade companies to conduct cross-border transactions more efficiently, reduce transaction costs, and enhance competitiveness.
In the future, digital renminbi is expected to play a role in more fields and further promote changes in the global financial system.
We look forward to the digital renminbi achieving more brilliant achievements in the field of cross-border payments and providing more solid support for the global sales of Chinese goods.
