With the support of Bank of China, customers in Singapore have completed cross-border retail transactions in digital renminbi through the Cross-border e-CNY Transfer Services platform (CBETS).

CBETS is a new-generation infrastructure for cross-border e-CNY payments. Compared with traditional infrastructure, it features lower access costs, higher settlement efficiency, stronger system compatibility, and broader application scenarios. The platform provides 24/7 digital payment services across multiple markets, including Hong Kong Special Administrative Region, Macao Special Administrative Region, Singapore, Laos, and Thailand.

Recently, five overseas BOC institutions — Bank of China (Hong Kong), BOC Macao Branch, BOC Singapore Branch, Bank of China (Thai), and BOCHK Vientiane Branch — signed the first batch of CBETS Direct Participant Service Agreements with the e-CNY International Operation Center. Leveraging its global network and coordinated cross-border services, BOC quickly completed the first CBETS transactions in multiple markets.

In Singapore, BOC supported the market's first batch of cross-border retail transactions in e-CNY through CBETS, marking an important step from platform availability to real-world customer use.

Following the successful transactions, customers traveling to China for tourism or business can use e-CNY for payments at merchants across the Chinese mainland through code payments and tap-to-pay functions, enjoying around-the-clock cross-border payments that are more efficient, cost-effective and convenient.

In Hong Kong, BOCHK became the world's first offshore custodian bank for e-CNY funds, providing cross-border digital RMB funding services for settlement wallets of overseas direct participating institutions. It has also completed the market's first transaction validation.

Meanwhile, leveraging its role as the regional headquarters for Southeast Asia, BOCHK has supported the Jakarta Branch in joining the CBETS platform as an indirect participant, further helping to meet the RMB liquidity needs of customers in Southeast Asia.

Looking ahead, BOC will continue to leverage its global service network to expand CBETS applications in cross-border trade, investment and financing, and retail consumption. By enhancing the efficiency and quality of cross-border financial services through the CBETS platform, BOC will continue supporting the international use of RMB and high-standard financial opening-up.