China has successfully completed its first cross-border payment to Singapore using the digital yuan. „The transaction, conducted via China’s Digital Currency Express (CBETS) platform, involved import shipping fees totaling approximately 10 million yuan, which were transferred to Singapore on the same day.” – according to cryptonews.net.
This payment to W Company, a result of a joint effort between the Shanghai branch of the Industrial and Commercial Bank of China (ICBC) and ICBC Singapore, marks the first digital yuan cross-border payment between China and Singapore. W Company is known as a subsidiary of a centrally owned trading platform that regularly imports iron ore and pays overseas shipping charges. Unlike traditional international transfer methods, this new digital payment method offers a faster and more direct solution by shortening transaction times and reducing exchange costs.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
