Standard Chartered Completes China’s First Offshore E-Wallet Cross-border Renminbi Direct Debit Settlement Transaction

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Standard Chartered (China) announced on 15 October that it had successfully completed the first offshore e-wallet cross-border renminbi direct debit funds settlement transaction on the Chinese market.

The transaction was undertaken via a domestic online payments and clearing organisation with an overseas e-wallet as the direct counter-party.

Standard Chartered served as the direct participating bank providing fund settlement services, helping the two parties to the transaction to complete settlement via China’s Cross-border Inter-bank Payments System (CIPS).

The transaction makes Standard Chartered China the first commercial bank in China to use CIPS for direct settlement, as well as the provision of funds settlement services to an overseas e-wallet supplier.

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