Bank of Communications Qingdao Branch Facilitates the First Pilot Digital Yuan Settlement under the SCO Demonstration Zone's Multilateral Central Bank Digital Currency Bridge Pre-MVP Phase

Bank of Communications Qingdao Branch Facilitates the First Pilot Digital Yuan Settlement under the SCO Demonstration Zone's Multilateral Central Bank Digital Currency Bridge Pre-MVP PhaseRecently, Bank of Communications Qingdao Branch successfully handled the first pilot digital yuan settlement under the SCO Demonstration Zone's multilateral central bank digital currency bridge Pre-MVP phase for a certain international trade development company in the SCO Demonstration Zone, marking a new breakthrough for the bank in the field of cross-border RMB settlement.The international trade development company in the SCO Demonstration Zone regularly uses cross-border RMB for settlement

Bank of Communications Qingdao Branch Facilitates the First Pilot Digital Yuan Settlement under the SCO Demonstration Zone's Multilateral Central Bank Digital Currency Bridge Pre-MVP Phase

Recently, Bank of Communications Qingdao Branch successfully handled the first pilot digital yuan settlement under the SCO Demonstration Zone's multilateral central bank digital currency bridge Pre-MVP phase for a certain international trade development company in the SCO Demonstration Zone, marking a new breakthrough for the bank in the field of cross-border RMB settlement.

The international trade development company in the SCO Demonstration Zone regularly uses cross-border RMB for settlement. To enhance the security of the companys cross-border payments and expand the diversity of cross-border payment channels, Bank of Communications Qingdao Branch successfully processed cross-border RMB payment transactions for the client using the multilateral central bank digital currency bridge settlement technology. The application of this technology effectively shortens the payment chain, reduces the cost of cross-border transactions for enterprises, and improves the clearing speed and security of cross-border transactions.

Significant Advantages of Multilateral Central Bank Digital Currency Bridge Technology

Multilateral central bank digital currency bridge technology is a new type of cross-border settlement technology that utilizes central bank digital currency bridge systems from multiple countries to enable fast, secure, and low-cost cross-border fund settlement.

Bank of Communications Qingdao Branch Actively Explores Innovation and Contributes to the Construction of the SCO Demonstration Zone

Bank of Communications Qingdao Branch has always been committed to serving the real economy, actively exploring application scenarios for cross-border RMB, and continuously improving the quality and efficiency of cross-border RMB financial services. The successful handling of the first pilot digital yuan settlement under the SCO Demonstration Zone's multilateral central bank digital currency bridge Pre-MVP phase fully reflects the bank's innovative capabilities in cross-border financial services and contributes to the development of the SCO Demonstration Zone.

Future Outlook

In the next phase, Bank of Communications Qingdao Branch will continue to fulfill its responsibilities as a state-owned bank, taking this pilot project as an opportunity to further explore application scenarios for cross-border RMB, promote the continuous development of cross-border RMB settlement services, better serve the construction of the SCO Demonstration Zone, and contribute to the internationalization of the Chinese financial market.