ICBC completes the nation's first cross-border digital RMB payment on the "Shu Bi Da" platform, with an amount close to 10 million yuan

According to ChainCatcher, the Industrial and Commercial Bank of China (ICBC) Shanghai Branch, in collaboration with ICBC Singapore Branch, has recently completed the country's first digital renminbi cross-border payment transaction between China and Singapore via the digital renminbi cross-border settlement integrated service platform “Shu Bi Da” (CBETS). The entire import shipping fee, nearly10 million yuan, was paid in digital renminbi, with fundsreaching the Singapore recipient’s account on the same day, achieving “zero time difference” and “high transparency” in cross-border fund transfers. The service user is a trade platform subsidiary of a central enterprise group, which frequently procures iron ore from overseas and pays shipping costs, resulting in high-frequency, high-value cross-border settlements.