Against the backdrop of violent fluctuations in global assets, RMB cross-border payments are like a bright spot in the financial market, bucking the trend and gaining momentum.
The latest data shows that in March 2026, the average daily transaction volume of the RMB Cross-border Payment System (CIPS) exceeded 920 billion yuan, setting a new high in the past year; the average daily number of transactions exceeded 35,000, a significant month-on-month increase.
Behind this data, it demonstrates the solid pace of steady advancement of RMB internationalization.
As an important financial infrastructure that complies with international standards, CIPS provides domestic and foreign participants with fund clearing and settlement services for cross-border RMB business.
As of now, CIPS has 194 direct participants and 1,597 indirect participants, and its network coverage continues to expand.
At a time when global asset prices have plummeted due to changes in the international situation, the popularity of RMB cross-border payments has increased significantly. This not only reflects the market’s confidence in RMB assets, but also reflects the resilience and efficiency of China’s financial infrastructure.
This trend is of substantial benefit to relevant listed companies in the A-share market.
As CIPS business continues to expand, companies involved in system construction, technical support, payment services and other aspects will directly benefit.
In terms of payment licenses and platform service providers, Xinguodu (300130) has a cross-border foreign exchange payment license, a digital currency hardware wallet layout, a complete global payment license layout, and a unique advantage in the collaboration of cross-border payment terminal equipment and payment services.
UMF, a subsidiary of Hailian Jinhui (002537), has dual cross-border foreign exchange and RMB payment licenses, and its business covers many countries and regions around the world, providing cross-border payment services for cross-border e-commerce, aviation and travel and other industries.
Lakala (300773) holds a full cross-border RMB license, deploys digital RMB cross-border acquiring business, and cooperates with local banks in Southeast Asia and other places to build currency exchange channels.
Yiwu Pay, a subsidiary of Commodity City (600415), holds cross-border RMB settlement qualifications, covering more than 150 countries. In the first half of 2025, cross-border collections exceeded US$2.5 billion.
Among financial IT and system builders, Sifang Jingchuang (300468) is deeply involved in the full-stack technology construction of the Multilateral Central Bank Digital Currency Bridge (mBridge), leading the development of key underlying technologies such as the smart contract protocol layer, and is at the forefront of cross-border payment clearing and settlement technology.
Gao Weida (300465) launched the “Cross-border Payment Blockchain Platform”, which is directly connected to the CIPS system. The cross-border payment business volume will reach 100 billion yuan in 2024, and it undertakes a special project of the National Development and Reform Commission.
Beijing North (002987) has core qualifications such as “inter-bank and cross-border RMB electronic settlement”. It has participated in the construction of cross-border payment systems of many banks and has rich experience in CIPS docking.
Changliang Technology (300348) provides cross-border payment system solutions for banks, adapts to CIPS business rules and technical standards, and participates in the research and development of digital RMB cross-border payment technology.
Xinchen Technology (300542) owns the intellectual property rights of the RMB cross-border settlement system and has been connected to the CIPS/SWIFT system to provide cross-border payment solutions for many banks.
Among security technology and hardware equipment vendors, Principal Century (688201) provides security encryption technology for CIPS standard transceivers, meets international compliance requirements, and ensures payment security. It won the bid for the CIPS standard transceiver project for multiple branches of the Bank of Communications.
New World (000997) is the third largest POS machine manufacturer in the world. The equipment supports digital currency transactions, has dual offline payment patents, and smart POS covers 120 countries around the world.
Guangdian Express (002152) holds an Internet payment license, has cross-border RMB payment qualifications, and occupies a leading position in the digital RMB hardware wallet market.
Featured Scenarios and Energy Settlement: CNPC Capital (000617) controls Bank of Kunlun, is deeply involved in the China-Iran energy settlement and CIPS system, and is an important practitioner of RMB internationalization in the field of energy settlement.
Huafeng Microfiber (300180) subsidiary Weifutong provides a cross-border payment system for banks, accesses the central bank systems of 10 Southeast Asian countries, and develops a cross-border payment platform that supports digital renminbi.
The acceleration of the internationalization of the RMB has brought historic opportunities to the cross-border payment industry chain.
From system construction and technical support to payment services and security certification, leading companies in all aspects will share this dividend.
As the CIPS network continues to expand and transaction scale continues to rise, the performance growth of relevant listed companies is worth looking forward to.
