Standard Chartered Launches Cross-Border RMB Clearing via CIPS, First Foreign Bank to Connect
SingTao · 2 SOURCESabout 3 hours ago2 MIN
Summary
Standard Chartered Hong Kong announced on September 8, 2026, the launch of a cross-border RMB network payment clearing service, marking the first time a foreign bank outside mainland China has achieved real-time connection with NetUnion Clearing Co. (NUCC) through the Cross-Border Interbank Payment System (CIPS) . The bank completed system construction and upgrades enabling it to process cross-border clearing instructions in real time for partner institutions such as Ant Group International .
Key Points
- Standard Chartered Hong Kong officially launched its cross-border RMB network payment clearing service on September 8, 2026, becoming the first foreign bank outside China to connect with NetUnion Clearing Co. in real time
- The bank completed system construction and upgrades, enabling connection with NUCC through the CIPS platform to execute cross-border clearing instructions
- Zhang Ying, Managing Director of Cash Management for Greater China and North Asia at Standard Chartered, highlighted the significance of this foreign direct participation model
- The service supports real-time cross-border clearing for partner institutions including Ant Group International, facilitating more convenient and secure payments
- Li Yue, General Manager of Platform Technology at Ant Group International, noted growing market demand for faster and more efficient cross-border RMB payment services
Why It Matters
This milestone establishes a new financial infrastructure model that could encourage other foreign banks to participate in cross-border RMB clearing, potentially expanding the global reach of RMB transactions. For Hong Kong as an international financial centre, enhanced cross-border payment capabilities strengthen its role as a gateway between global markets and mainland China's financial system .
This milestone establishes a new financial infrastructure model that could encourage other foreign banks to participate in cross-border RMB clearing, potentially expanding the global reach of RMB transactions. For Hong Kong as an international financial centre, enhanced cross-border payment capabilities strengthen its role as a gateway between global markets and mainland China's financial system .