DBS among first batch of banks to join China’s international RMB payments system

It's the only Singaporean bank in the list.

DBS will now be able to execute RMB clearing for all cross-border RMB transactions after it was selected to be among the first banks to participate in China's Cross-border International Payment System (CIPS).

The launch of CIPS allows for greater access and transparency for foreign banks in China, as it will allow foreign banks to have direct access to China's onshore liquidity pool for offshore RMB transactions. 

CIPS is a big step in the internationalisation of the RMB and China’s financial reforms, as it improves the Chinese financial sector’s ability to conduct international RMB transactions. 

The system will accelerate the internationalisation of the RMB, increasing its importance as a global payment currency.

“DBS is honoured to be among the first batch of banks selected to participate in CIPS. We look forward to providing greater convenience and a wider variety of RMB products to our clients. DBS’ participation in CIPS demonstrates our commitment to be at the forefront of transaction banking and to provide clients with the latest payments services and market infrastructure,“ said Neil Ge, CEO of DBS China .