ICBC (Asia) Completes Hong Kong’s First "CBETS" Cross-Border Remittance

Zhitong Finance APP learned that ICBC (Asia) has successfully completed the first cross-border digital yuan remittance in Hong Kong via the "CBETS" (Cross-border e-CNY Transfer Services) integrated cross-border settlement platform. The transaction assisted corporate clients in transferring digital yuan funds from mainland China to their corporate accounts at ICBC (Asia), opening up the CBETS cross-border corporate settlement channel between the mainland and Hong Kong.

Gu Xuan, Executive Director, Deputy Chief Executive, and Alternate Chief Executive of ICBC (Asia), stated that as one of the first overseas banks to directly participate in CBETS, the successful completion of Hong Kong’s first CBETS cross-border digital yuan remittance marks a new, efficient, and convenient pathway for ICBC (Asia) to support corporate capital going global. This significant strategic upgrade and key breakthrough fully demonstrates the core advantages of central bank digital currency in reducing cross-border settlement costs and enhancing capital turnover efficiency and transparency.

Gu Xuan pointed out that ICBC (Asia) will continue to leverage the group’s global network and efficient cross-border fund settlement capabilities to contribute to the modernization of the national financial system and the development of a high-level opening-up framework.