Since 2022, CNTY has been working with the Agricultural Bank of China (ABC) Jiangsu Branch and successfully launched the CIPS system recently.
On May 5, Lv Xingdong, assistant to the chairman of CNTY, held a seminar with Chen Fengjun, deputy governor of People's Bank of China Hai’an Branch, and Zhou Shuxue, deputy governor of Agricultural Bank of China Hai’an Branch on the first RMB cross-border payment business. Operators at the meeting carried out the company's cross-border RMB payment operation through CIPS, and successfully completed the first CIPS transaction by ABC in China.
CIPS, or Cross-border Interbank Payment System, is a wholesale payment system approved by the People's Bank of China that specializes in RMB cross-border payment and solvency. Committed to providing safe, efficient, convenient and low-cost financial solvency and settlement services, it is an important infrastructure in China’s financial market and a core system of cross-border payment.
Lv Xingdong said that the successful launch of CIPS system is of great significance. While enhancing the security of cross-border settlement, the system can also reduce the cost of cross-border capital management and settlement, which will greatly improve the efficiency of CNTY's cross-border RMB settlement and provide a solid financial infrastructure support for the company's international business expansion.
Operators carrying out the first cross-border RMB payment enabled by CIPS
