On June 16, the Digital Yuan International Operations Center entered into direct participant service agreements with 26 Financial Institutions. Upon launch, its services will extend to regions including Hong Kong, China; Macau, China; Singapore; Laos; Thailand; the United Arab Emirates; Qatar; and Brazil.
It is understood that participants in the "Cross-border e-CNY Transfer Services" (CBETS) can leverage the system's capabilities to offer clients low-cost, diversified, secure, and efficient cross-border digital payment services. This initiative aims to facilitate cross-border trade and investment financing, contributing to a higher level of financial openness.
Moving forward, the Digital Yuan International Operations Center will build upon its functional mandate and Shanghai's strategic advantages to continue expanding its participant base and enhancing capabilities, thereby steadily improving its international service standards.
This year, following adjustments to the digital yuan's measurement framework and an overall upgrade of its infrastructure system, the three core business platforms—the cross-border digital payment platform, the blockchain service platform, and the digital asset platform—have been consolidated and upgraded into the comprehensive CBETS cross-border settlement service platform, which has now commenced branded operations.
According to reports, overseas participants can conveniently access and activate multiple services through a single connection point in Hong Kong. CBETS offers two cooperation models: it supports cross-border interconnection with various monetary authorities' payment systems or legal digital currency systems, allowing local institutions to achieve broad connectivity through their existing local systems without altering their original channels. It also supports direct access for Financial Institutions, providing immediate access to 24/7 intelligent digital payment services.
The platform is described as having three key advantages: lower access costs and higher settlement efficiency; standardized and compatible system services; and strong inclusivity in participation arrangements with extensible business scenarios. Eligible commercial banks, financial infrastructure providers, and payment service providers can all apply for access.
Furthermore, the platform offers standardized switching services to support connectivity between banks and enterprises, avoiding the cost and efficiency issues associated with multiple, disparate integrations.
CBETS can handle digital yuan cross-border consumption scenarios such as QR code payments and "tap-to-pay" transactions. It is also capable of processing remittances, trade and investment financing settlements, and can support digital innovation services for Financial Institutions. The system's functionalities will be iterated upon agilely based on the evolving business needs of participating institutions.