Singapore, 18 June 2025 – UOB and its wholly-owned subsidiary UOB China have signed agreements to become direct participants of China's Cross-border Interbank Payment System1 (CIPS).
With direct access to CIPS, UOB will provide one-stop cross-border renminbi (RMB) clearing, settlement, and payment services to businesses and financial institutions both within and outside China. Through UOB's services, clients can enjoy real-time gross settlement and remittance, while reducing intermediate steps with lower payment and clearing costs. UOB will also expand its trading network by connecting more than 1,6002 CIPS participants globally and handling cross-border RMB payments and settlements on behalf of indirect participants.
Globally, RMB payments and trade settlements have been growing consistently.
More than 50 per cent of these RMB flows have occurred within UOB’s core markets in ASEAN and Greater China.
The Bank’s cross-border RMB payments and trade settlement flows doubled from 2023 to 2024, and the use of RMB for investments, payments and trade is expected to continue to grow.
Ms So Lay Hua, Head of Group Transaction Banking, UOB, said, "UOB is honoured to be a direct overseas participant of CIPS, which will significantly enhance our capability to serve regional clients in their RMB businesses. Tapping on our extensive network and transaction capabilities, we will continually deliver efficient, transparent and cost-effective services to our clients. This positions us to achieve our vision of being the top transaction bank of choice in ASEAN. In addition, it contributes to Singapore’s role as a regional financial services hub and offshore RMB centre."
ASEAN has been China's largest trading partner for five consecutive years and is a vital region for RMB international usage. To help business manage their operating cash and financing positions across the region, UOB China has launched progressive solutions such as the China-ASEAN Cross-Border Cash Sweeping and Liquidity Management Solution, one-stop international trade financing services and one-stop cross-border investment and escrow services. In January 2025, UOB China also achieved the first cross-border refinancing transaction in RMB by a foreign bank in China, thus helping import and export companies address challenges in working capital.
1The Cross-border Interbank Payment System (CIPS) is a wholesale payment system authorised by the People’s Bank of China to facilitate the settlement of trading and investments in renminbi.
2As at May 2025, there are 174 direct participants and 1509 indirect participants of CIPS.
