In today’s globalized economic landscape, the convenience and efficiency of cross-border payments have become increasingly important.
On June 16, a piece of heavy news came that the Digital RMB International Operation Center of the People’s Bank of China successfully signed contracts with 26 direct participants, marking the advent of the era of all-weather cross-border payments with digital RMB.
After domestic and foreign financial institutions sign and access, they will rely on the “Digital” cross-border settlement comprehensive service platform run by the center to achieve 7×24-hour RMB cross-border digital payment business.
Compared with traditional payment methods, the “Shubida” platform has significant advantages.
Its settlement efficiency is higher, allowing funds to be transferred across borders in a shorter period of time, greatly saving time costs.
At the same time, its costs are lower, transaction links are shorter, and channel costs are effectively controlled. This is undoubtedly a huge benefit for companies and individuals involved in cross-border business.
The functions of the “Shubida” cross-border settlement comprehensive service platform are very powerful.
It can handle digital RMB cross-border consumption scenario businesses such as barcode payment and Pengpeng to meet people’s daily needs for overseas shopping and consumption. It can also handle remittance, trade, investment and financing settlement and other businesses, providing strong support for enterprises’ cross-border trade and investment activities.
Lu Jing, President and Vice Chairman of Standard Chartered Bank (China) Co., Ltd., said that from a customer’s perspective, the “Shucoida” platform can provide customers with efficient, convenient, compliant, transparent, especially low-cost, 24/7, high-speed and convenient services. This is an innovation for the entire cross-border payment system.
Guo Hao, deputy general manager of ICBC Doha Branch, also pointed out that through this platform, the options for international settlement have become more abundant, and 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 batch of 26 direct participants can cover Hong Kong, China, Macau, Singapore, Laos, Thailand, United Arab Emirates, Qatar, Brazil and other countries and regions.
This means that the scope of cross-border use of digital renminbi has been further expanded, which will facilitate economic exchanges and cooperation in more regions.
The realization of digital renminbi’s all-weather cross-border payment is not only an important achievement of China’s financial technology development, but will also have a profound impact on the global cross-border payment system.
It is expected to further enhance the status of the RMB in the international monetary system, promote the development of international trade and investment, and contribute to the stability and prosperity of the global economy.
With the continuous advancement of digital renminbi cross-border payment business, it is believed that more financial institutions and enterprises will participate in it and jointly build a more convenient, efficient and secure cross-border payment ecosystem.
In the future, the digital RMB will play an even more important role on the global economic stage.
