On January 21, 2026, the Payment and Settlement Work Conference of the People’s Bank of China released a major signal: to accelerate the construction of the RMB cross-border payment system and promote cross-border payment interconnection.
The introduction of this policy will not only reshape the global payment landscape, but also spawn an investment feast in A-share cross-border payments, financial technology, digital currency and other fields.
Combining policy guidance and market dynamics, four core tracks and potential targets have gradually emerged.
This new policy proposes three major strategic directions.
The first is to expand the capacity of the CIPS system and expand the coverage of the RMB Cross-border Payment System (CIPS).
In 2025, CIPS has processed 175 trillion yuan in cross-border RMB business, covering 189 countries and regions. In the future, it will deepen cooperation with countries involved in the “Belt and Road” initiative and promote RMB settlement in fields such as bulk commodities and shipping.
The second is payment interconnection. After the “Cross-border Payment Link” between the Mainland and Hong Kong is launched, real-time cross-border remittances are realized, and the single cost is reduced by 60%; cross-border mutual recognition of QR code payments is promoted, covering 70 countries in Southeast Asia.
Finally, there is digital currency collaboration. The multilateral central bank digital currency bridge (mBridge) has completed cross-border payment testing, and the efficiency of cross-border settlement of digital renminbi has been improved to the minute level.
This policy is of great significance. It breaks the monopoly of the SWIFT system, builds a new cross-border payment ecosystem of “RMB + blockchain + multi-national currency bridge”, reduces corporate exchange costs, and accelerates the process of RMB internationalization.
The four major beneficiary lines and potential beneficiary targets are also presented one by one.
For cross-border payment service providers, technical barriers and license advantages build a moat.
The New Deal promotes the expansion of cross-border payment scenarios, and companies with CIPS system access capabilities and digital currency bridge technology reserves directly benefit. For example, Sifang Innovative (300468) is deeply involved in the Hong Kong Digital Currency Bridge project and provides cross-border payment solutions to many central banks in Southeast Asia;
Lakala (300773) cross-border payment GPV (total payment amount) increased by 14% year-on-year, covering international platforms such as Amazon and eBay; Xinguodu (300130) obtained the Hong Kong MSO license, and its overseas local acquiring business covers France, Germany and other European markets.
The leading banks enjoy the release of dividends from the CIPS main channel.
As core participants in CIPS, major state-owned banks directly undertake the expansion needs of cross-border payment infrastructure. Industrial and Commercial Bank of China (601398) is a direct participant in CIPS, ranking first in the world in terms of cross-border payment system processing volume, with cross-border RMB settlement volume exceeding 40 trillion yuan in 2024; China Construction Bank (601939) and CCB Asia have assets of 486.7 billion yuan and are among the first batch of institutions to access the cross-border payment pilot.
In the field of blockchain + payment, technology empowers compliance and efficiency.
Blockchain technology solves the problem of trust in cross-border payments, and policies encourage the implementation of “blockchain + cross-border payment” scenarios. China Radio and Television Express (002152) develops a cross-border payment blockchain platform and cooperates with the Central Bank of the United Arab Emirates on the digital currency bridge project; Feitian Integrity (300386) provides security chips and encryption solutions for cross-border payments and won the bid for the central bank’s digital currency bridge test project.
In terms of cross-border e-commerce and logistics, the improvement of payment infrastructure has opened up room for growth.
Improved payment efficiency reduces cross-border e-commerce operating costs. China’s cross-border e-commerce transaction volume will exceed 10 trillion yuan in 2024, and the cross-border payment penetration rate will be less than 30%. The incremental market is vast. Chinagoods platform under China Commodity City (600415) integrates cross-border payment services, and digital trade revenue will increase by 65% in 2024; Sinotrans (601598) is the leader in cross-border logistics, and has cooperated with Alipay to achieve full-link coverage of “logistics + payment”.
In terms of investment logic, looking at policy catalysts in the short term, the “Operation Guidelines for Cross-Border Payment Interconnection” will be released in Q1 of 2026, and orders from pilot banks and technology companies are expected to explode.
Looking at the penetration of the scenario in the medium term, the RCEP regional trade volume will exceed US$12 trillion in 2025, and the demand for cross-border payments will continue to be released.
Looking at ecological reconstruction in the long term, the integration of digital currency bridge, CIPS system, and blockchain technology will form a new trillion-level cross-border payment infrastructure.
The implementation of the central bank’s new cross-border payment policy marks China’s increased voice in the field of global financial infrastructure, and leaders in all aspects of the industrial chain will share trillion-level market dividends.
Investors can focus on targets with leading technologies, complete licenses, and practical scenarios, while being wary of geopolitical and regulatory risks.
Today’s topic: What impact do you think cross-border payment interconnection will have on ordinary people’s lives?
Welcome to share your views in the comment area!
