Newswire: RMB Settlement Surges as UOB Becomes Direct Participant in China’s CIPS System
Singapore’s United Overseas Bank (UOB) and its subsidiary UOB China have signed an agreement to become direct participants in the Cross-border Interbank Payment System (CIPS),
GoldFix Newswire
UOB Becomes Direct Participant in China’s CIPS System, Expanding RMB Settlement Reach
Singapore’s United Overseas Bank (UOB) and its subsidiary UOB China have signed an agreement to become direct participants in the Cross-border Interbank Payment System (CIPS), China’s alternative to SWIFT for RMB transactions. The move was formalized at the 2025 China International Finance Expo.
With this designation, UOB now gains direct access to the RMB cross-border payment system, allowing it to offer real-time clearing and settlement services while reducing reliance on intermediary banks. The bank can now connect with over 1,600 CIPS participants globally, streamlining RMB transactions for domestic and international corporate clients.
UOB plans to double its cross-border RMB settlement volume in 2024, with the ASEAN-China corridor accounting for over 50% of current settlement activity. The bank sees rising demand for RMB in international payments, trade, and investment.
“This access significantly enhances our ability to serve global clients in RMB cross-border business,” said Su Lihua, UOB Group Head of Transaction Banking. “We are committed to building efficient and cost-effective financial channels across ASEAN.”
Foo Mau-tsan, CEO of UOB China, emphasized the bank’s role in facilitating regional financial integration, as the CIPS platform enables new cross-border RMB product offerings and expands real-economy financial services.
UOB China has introduced tools such as the China-ASEAN Two-Way Fund Pool and Trade Express, aimed at helping firms manage currency and capital flows across borders. Earlier this year, it also became the first foreign bank to complete RMB cross-border refinancing.
