UOB and its wholly owned subsidiary UOB China have signed agreements to develop into direct contributors of China’s Cross-border Interbank Cost System (CIPS).
This strengthens their capacity to help cross-border renminbi (RMB) transactions.
CIPS, authorised by the Folks’s Financial institution of China, facilitates RMB-denominated commerce, funding, and different cross-border funds.
As of Might 2025, it connects 174 direct and 1,509 oblique contributors globally.
With this entry, UOB will provide RMB clearing, settlement, and fee providers to companies and monetary establishments in and outdoors China.
The financial institution mentioned this permits real-time gross settlement and reduces middleman steps, serving to purchasers decrease fee and clearing prices.
UOB may also course of RMB transactions on behalf of oblique contributors by means of CIPS’ international community of over 1,600 establishments.
To help regional companies, UOB China has launched RMB-focused options similar to cross-border money sweeping, liquidity administration, commerce financing, and funding and escrow providers.
In January 2025, it accomplished what it described as the primary RMB cross-border refinancing transaction by a overseas financial institution in China, aimed toward serving to importers and exporters handle working capital.
So Lay Hua, Head of Group Transaction Banking, UOB, mentioned,
“UOB is honoured to be a direct abroad participant of CIPS, which can considerably improve {our capability} to serve regional purchasers of their RMB companies. Tapping on our intensive community and transaction capabilities, we’ll regularly ship environment friendly, clear and cost-effective providers to our purchasers.
This positions us to attain our imaginative and prescient of being the highest transaction financial institution of alternative in ASEAN. As well as, it contributes to Singapore’s position as a regional monetary providers hub and offshore RMB centre.”
Featured picture: Edited by Fintech Information Singapore, based mostly on picture by UOB
