SCBHK becomes the first foreign bank in China's overseas market to be qualified as a CIPS direct participant
On February 14, Standard Chartered Bank (Hong Kong) Limited ("SCBHK") announced that it has obtained the approval of the Cross Border Interbank Payment Clearing Co. (hereinafter referred to as "CIPS"), becoming the first foreign bank to be qualified as a direct participant in the RMB cross-border payment system (hereinafter referred to as "CIPS") in markets outside China.
Standard Chartered Hong Kong has been an indirect participant of CIPS since 2015, and in the same year Standard Chartered Bank (China) Limited ("Standard Chartered China") became one of the first direct participants of CIPS in China. In 2021, Standard Chartered China ranked first among foreign banks in terms of CIPS business volume and participant expansion.
CIPS is a wholesale class payment system approved by the People's Bank of China specializing in RMB cross-border payment clearing, connecting mainland China and offshore RMB centers and markets, covering all major time zones around the world. By becoming a direct CIPS participant, Standard Chartered Hong Kong can provide seamless, efficient and secure services for customers' cross-border RMB transactions and extend the operating hours of its RMB clearing and payment business, further effectively meeting the growing demand for RMB services.
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