China accelerates the promotion of "Digital RMB" cross-border applications! Exploring payment trials with Singapore

2025-12-24 08:47:06

The People’s Bank of China (央行) and eight major departments issued the “Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Passage,” exploring international cooperation in digital finance and sending a clear signal: a comprehensive promotion of the application of “Digital Renminbi” in cross-border scenarios.

According to the document, China will involve provinces (districts, cities) along the route in the multilateral central bank digital currency bridge project, promoting the use of central bank digital currencies in cross-border payment scenarios with Thailand, Hong Kong, the United Arab Emirates, Saudi Arabia, and others; at the same time, it will explore advancing the “Digital Renminbi” cross-border payment pilot between China and Singapore.

On the other hand, to leverage the advantages of “Digital Renminbi” such as instant settlement, low cost, and programmable features, China will also study the use of “Digital Renminbi” smart contracts to create innovative solutions, exploring the feasibility of expanding the application of “Digital Renminbi” in channel payment settlement, financing, tax refunds, and other scenarios.

Additionally, China plans to further expand the regional scope of “Digital Renminbi” cross-border use through bilateral and multilateral business models to reduce costs and increase efficiency for cross-border payments via channels.

As early as May 2024, the Hong Kong Monetary Authority expanded the pilot scope of “Digital Renminbi,” allowing users to open and use a “Digital Renminbi” wallet in Hong Kong with just a Hong Kong mobile number, and to top up the wallet via “FPS” (Faster Payment System).

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Tags: CBDCe-CNY China People’s Bank Central Bank Digital Currency Digital Renminbi Singapore Cross-border Hong Kong

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