As the single-day transaction volume of the RMB Cross-border Payment System (CIPS) exceeds 1.2 trillion yuan and the status of RMB as a safe-haven asset gradually increases, the internationalization of RMB and the cross-border payment industry chain are ushering in historic development opportunities.
This report will conduct a detailed review of the industry chain structure, core link beneficiary companies, investment value analysis and other dimensions.
1. Panorama of the industrial chain
The RMB cross-border payment industry chain can be divided into four major levels:
Upstream: infrastructure and security technology
- Encryption algorithm/security chip: quantum key distribution, hardware security module (HSM)
- Core system development: clearing system, distributed ledger technology (DLT)
- Network and computing power: financial cloud, data center
Midstream: system operation and technical services
- CIPS operating agency: Cross-border Interbank Payment and Clearing Co., Ltd.
- Bank IT service providers: core system transformation, interface development, operation and maintenance services
- Third-party payment institutions: cross-border acquiring, settlement services
Downstream: application scenarios and terminals
- Commercial banks: CIPS direct participating banks/indirect participating banks
- Cross-border e-commerce platform: B
2B/B2C cross-border trade settlement - Entity enterprises: foreign trade, energy, bulk commodity settlement
Support system
- Digital Currency Bridge (mBridge): Multilateral central bank digital currency cross-border settlement platform
- Hong Kong stable currency: JD Stable Coin (JD)
– HKD) and other compliant stablecoins
2. Detailed explanation of core links and benefiting companies
1.
CIPS system construction and bank IT (the highest level of certainty)
CIPS is the “highway” for RMB cross-border payments. In July 2025, the central bank issued the “RMB Cross-border Payment System Business Rules (Draft for Comment)” for comprehensive revision, and there is an urgent need for system upgrades.
| Subdivisions | Core companies | Core advantages |
|---|---|---|
| Bank core systems | Changliang Technology | Covering 60+ domestic The bank, which accounts for 70% of the CIPS direct participating banks, won the bid for the core system transformation project of the Central Bank of the United Arab Emirates |
| Clearing System | Yuxin Technology | The digital renminbi middle and back office of a major state-owned bank The core supplier of the system, supporting the CIPS system to handle over one trillion clearings per day |
| Financial IT leader | Hundsun Electronics | Exclusively built the CIPS clearing system, accessing 30 + Hong Kong institution, net profit increased by 186.7% in Q1 of 2025 |
| Testing and operation | Beijing North | The main force in CIPS system testing and operation, SWIFT and CIPS compatibility transformation has a market share of over 35%, and serves more than 20 major state-owned banks |
| Security encryption | Principal Century | Provide national secret algorithm support for CIPS, quantum key distribution technology to resist cyber attacks, accounting for 80% of indirect participants |
Recent catalyst: CIPS single-day transaction volume rose to 1.22 trillion yuan on April 2, 2025, and the average daily transaction volume in March was 920.5 billion yuan, a 12-month high.
2. Digital Currency Bridge (mBridge) and Blockchain Technology (High-Growth Link)
mBridge is the world’s first multilateral central bank digital currency bridge project. It is jointly promoted by the Bank for International Settlements (BIS) and the People’s Bank of China, and represents the future direction of cross-border payments.
| Company | Core role | Technical highlights |
|---|---|---|
| Sifang Jingchuang | The only A-share company participating in the full-stack construction of mBridge | Leading the development of the smart contract protocol layer, the settlement efficiency is improved compared to SWIFT 90%, supporting currencies of 56 countries, transaction throughput of 5,000 transactions/second |
| Tianyang Technology | Core service provider of Rural Credit Bank CIPS access system | Independently developed FINNOSafe cross-border payment system, supporting the compliant issuance of Hong Kong dollars and offshore RMB stable coins |
| Kelan Software | Developer of central bank digital currency cross-border solutions | The only case of bilateral cross-border payment between major countries, Hongmeng Ecosystem has completed the APP transformation of 38 financial institutions, with a cross-border payment gross profit margin of 68% |
| Xinyada | The leader in intelligent risk control for cross-border payment | Exclusively built a cross-border payment system for China-Iran crude oil trade for Bank of Kunlun. The success rate of quantum key distribution technology in resisting hacker attacks exceeds 99.9% |
Commercialization progress: The annual processing amount of the cross-border payment system developed by Sifang Jingchuang for banks has reached one trillion yuan. The FINNOSafe platform will process cross-border transactions exceeding US$20 billion in 2025.
3. Cross-border payment licenses and terminal services (highly flexible links)
Companies with scarce payment licenses have directly benefited from the explosion in cross-border trade settlement volume.
| Company | License Qualifications | Business Highlights |
|---|---|---|
| Lakala | The only cross-border RMB fully licensed third-party institution in China | Covering 50+ countries, with cross-border payment revenue of 820 million yuan in 2023 (+ 85%), digital RMB “dual offline payment” is exclusively supported |
| Hailian Jinhui | Cross-border foreign currency + RMB dual license | Blockchain technology cross-border payment application, transaction costs are reduced by 60%, covering 200+ National Bank Network |
| New Guodu | Hong Kong MSO, US MSB and other licenses | Smart POS terminals support real-time settlement in 36 currencies. The cross-border business growth rate in Q1 of 2025 will exceed 150%, covering 100+ National |
| Small Commodity City | “Yiwu Pay” cross-border RMB registration qualification | Relying on the world’s largest small commodity distribution center, covering 150+ country, the annual transaction volume exceeds 50 billion yuan, and the cross-border settlement cost of market procurement trade has been reduced by 60% |
| Huafeng Microfiber | Subsidiary VFT is one of the first batch of CIPS certification agencies | Completed cross-border payment project signings with HSBC, Standard Chartered, etc., ranking first in the market share of digital RMB cross-border system encryption technology |
4.
Scenario application and characteristic finance (theme investment link)
| Company | Application scenario | Investment logic |
|---|---|---|
| CNPC Capital | Energy Trade Settlement | Holding Kunlun Bank Bank, leading the cross-border RMB settlement between China and Iran (accounting for 90% share), the volume of cross-border RMB settlement between China and Iran will exceed 50 billion yuan in 2024 |
| Qingdao Golden King | Cross-border trade in cosmetics | The first batch to be connected to Industrial Bank CIPS standard transceiver, the cross-border settlement cycle will start from T + 3 is shortened to T + 0.5, providing clearing services for JD International and SHEIN |
| Hengbao Shares | Hardware Wallet and Stable Coin | Hong Kong Monetary Authority mBridge core service provider launches the world’s first visual LED hard wallet, JD Stable Coin (JD – HKD) sandbox testing core partner |
| Xinchen Technology | Cross-border digital payment | Provides cross-border digital payment solutions. Blockchain technology enables cross-border transaction traceability, covering the “Belt and Road” regions such as Southeast Asia and the Middle East. |
3. Investment value analysis
Ranking of links with the most investment value:
First echelon: bank IT and CIPS system construction (the most certain)
- Logic: revision of CIPS rules
+
System upgrades bring deterministic demand, the bank’s core system transformation budget is rigid, and performance is highly predictable - Preferred targets: Changliang Technology (70% share of CIPS directly participating banks, leading overseas layout), Yuxin Technology (core supplier of major state-owned banks, growth rate 81%), Hengsheng Electric
Zi (leader in financial IT, explosive performance growth)
Second echelon: Digital Currency Bridge (mBridge) technology service provider (highest growth potential)
- Logic: mBridge represents the future direction of cross-border payments and technical barriers
Extremely high, with vast space for global commercialization - Preferred targets: Sifang Jingchuang (the only A-share company to participate in mBridge in its entirety, technology scarcity is irreplaceable), Kelan Software (cross-border payment gross profit margin 68%, the only bilateral payment implementation case)
Third tier: Cross-border payment license holders (most flexible)
- Logic: Directly benefiting from the growth in cross-border trade settlement volume and fee increases, the asset-light model has high profit margins
- Preferred target: Lakala (full license scarcity, digital RMB
+ Cross-border payment dual-wheel drive), Hailian Jinhui (dual license +
Blockchain technology reduces costs and increases efficiency)
The fourth echelon: special scenario applications (event-driven)
- Logic: geopolitics (such as China-Iran trade) or specific scenarios (such as energy, cross-border e-commerce) bring theme opportunities
- Focus on targets: CNPC Capital (Kunlun Bank’s energy settlement monopoly), Qingdao Golden King (the first batch of CIPS standard transceivers to be connected)
Win
Risk reminder
- The escalation of geopolitical conflicts affects the process of RMB internationalization
- Changes in international regulatory policies (such as the tightening of stablecoin supervision)
- Technology implementation is not as expected (such as the commercialization progress of mBridge)
+ technology + demand” triple driven business cycle.
It is recommended to focus on configuring bank IT leaders (Changliang Technology, Yuxin Technology) as the bottom position, mBridge core service provider (Sifang Jingchuang) as the growth flexibility, and fully licensed payment institution (Lakala) as the scenario implementation.
At the same time, pay attention to the incremental opportunities brought by the progress of Hong Kong’s stable currency legislation.
