Bank of Communications Shanghai Branch Launches New Cross-Border Payment Channel for Digital RMB

The Bank of Communications Shanghai Branch has completed the first national pilot of cross-border payment services using digital RMB under the upgraded FT account functionality, assisting a chemical logistics company in Shanghai to settle cross-border freight in digital RMB. This innovation provides a landmark practice for cross-border financial innovation in the Shanghai Free Trade Zone and the expansion of digital RMB cross-border scenarios. Currently, the demand for cross-border operations from physical enterprises is rising, while traditional cross-border settlement faces issues such as lengthy processes, slow fund arrival, and difficulty in tracing. The branch is committed to the construction of Shanghai as an international financial center and promotes institutional openness in the financial sector. This service combines the advantages of the upgraded FT account and digital RMB cross-border settlement to provide an efficient and compliant cross-border settlement solution. Under the guidance of the People's Bank of China Shanghai headquarters, the branch utilizes the core institutional advantages of the FT upgraded account to achieve standardized circulation of domestic funds, while leveraging the settlement advantages of the multilateral central bank digital currency bridge to meet domestic enterprises' needs for fund transfer efficiency and transaction security. This service enables real-time fund arrival for counterparties, enhances the stability of cross-border transactions, and ensures traceability throughout the process. In the future, the Bank of Communications Shanghai Branch will continue to promote the FT upgraded account pilot, integrate convenient payment settlement methods with upgraded account services, and enhance the convenience of cross-border payments, contributing to the construction of Shanghai as an international financial center and the openness of the Free Trade Zone.

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