Bank of Communications Shanghai Branch Successfully Completes the First Capital Project Digital RMB Currency Bridge Cross-border Settlement Transaction

Bank of Communications Shanghai Branch Successfully Completes the First Capital Project Digital RMB Currency Bridge Cross-border Settlement TransactionRecently, with the guidance and support of relevant departments and the Head Office, Bank of Communications Shanghai Branch successfully completed the first capital project digital RMB currency bridge cross-border settlement transaction, enabling a domestic subsidiary of a Hong Kong-listed company of a multinational group to receive RMB 136 million in capital instantly. The rapid arrival of the digital RMB currency bridge remittance has been praised by the client, not only reflecting the Bank's leading advantage in the field of digital RMB but also showcasing its innovative capabilities in cross-border digital finance

Bank of Communications Shanghai Branch Successfully Completes the First Capital Project Digital RMB Currency Bridge Cross-border Settlement Transaction

Recently, with the guidance and support of relevant departments and the Head Office, Bank of Communications Shanghai Branch successfully completed the first capital project digital RMB currency bridge cross-border settlement transaction, enabling a domestic subsidiary of a Hong Kong-listed company of a multinational group to receive RMB 136 million in capital instantly. The rapid arrival of the digital RMB currency bridge remittance has been praised by the client, not only reflecting the Bank's leading advantage in the field of digital RMB but also showcasing its innovative capabilities in cross-border digital finance.

Multilateral central bank digital currency bridges are a new type of cross-border clearing channel after SWIFT and CIPS, providing enterprises with faster, lower-cost, and more secure digital currency cross-border settlements. This transaction marks another milestone for Bank of Communications Shanghai Branch after the announcement of the multilateral central bank digital currency bridge entering the Minimum Viable Product (MVP) stage. Through close cooperation with overseas financial institutions, the Bank has further expanded the application scenarios of digital RMB cross-border settlement capital projects, driving the digital transformation and upgrading of cross-border financial services. This signifies another solid step for Bank of Communications in digital RMB cross-border settlement innovation, not only providing a more efficient, convenient, and secure solution for cross-border capital flows but also promoting the internationalization of the RMB.

Looking ahead, as the cross-border digital RMB settlement pilot continues to deepen, Bank of Communications Shanghai Branch will continue to actively participate in relevant pilot programs, promote the application of digital RMB cross-border settlement in more scenarios and fields, collaborate with more overseas financial institutions, and steadily expand its circle of friends in cross-border financial services. Bank of Communications will always adhere to customer-centricity, continuously improve service quality and standards, contribute Bank of Communications' wisdom and solutions to the development of the real economy, and provide clients with more convenient and efficient cross-border financial services. At the same time, we will actively respond to national financial and economic policies, making greater efforts and contributions to promoting the development of China's digital finance and supporting major national strategies.