Standard Chartered has signed the CBETS Direct Participant Agreement, securing direct access to the People's Bank of China's cross-border digital RMB infrastructure.
The initiative marks a significant step in the bank's commitment to digital currency development and strengthening its ability to offer efficient cross-border RMB payment services to clients globally.
CBETS, or Cross-border e-CNY Transfer Services, functions as a digital RMB cross-border infrastructure service platform established and managed by the Digital Currency Institute of the People's Bank of China. The platform supports integration with central bank payment systems and digital currency networks, allowing overseas financial institutions to access its services directly. CBETS operates round-the-clock smart digital payment solutions that function both on-chain and off-chain, providing a critical bridge for international payments denominated in digital RMB.
Standard Chartered's digital currency strategy
Standard Chartered has positioned itself as an active participant in the digital RMB ecosystem over several years. The bank joined the e-CNY pilot programme in 2023 and has participated in the mBridge project, a multiple central bank digital currency initiative, since 2022. Additionally, Standard Chartered holds the distinction of being the first foreign bank with direct participant status in CIPS (China International Payment System) across both mainland China and Hong Kong.
In an official statement, a company representative at Standard Chartered emphasised the transformative potential of digital currencies, noting that the bank is committed to contributing to the development of the digital RMB ecosystem and helping build seamless, secure, and inclusive digital financial infrastructure. The bank's goal is to deliver efficient, convenient, and compliant cross-border RMB payment experiences to its global client base.
The official further highlighted Standard Chartered's role as a bridge between the global digital asset economy and traditional finance. Central bank digital currencies represent important infrastructure in the emerging digital economy, and the bank's participation in the CBETS system reinforces its position as a connector across borders, markets, and client segments.
Market reach and positioning
Standard Chartered operates a RMB business network with integrated RMB services spanning 35 international markets. In Hong Kong, the bank already delivers instant settlement transactions year-round with participating banks in mainland China, with transaction volumes rising rapidly. Standard Chartered's entities in mainland China and Hong Kong lead all foreign banks in the number of indirect CIPS participants and maintain a top position in transaction volumes among CIPS direct participants.
The signing of the CBETS agreement enables Standard Chartered to expand its cross-border RMB offering and positions the bank to capitalise on growing demand for digital currency payment infrastructure as central banks globally explore digital payment solutions.
