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UOB, along with its wholly-owned subsidiary UOB China, has become a direct participant in China’s Cross-border Interbank Payment System (CIPS). This significant development allows UOB to directly offer cross-border Renminbi (RMB) clearing, settlement, and payment services to businesses and financial institutions, both within and outside China.
Benefits of Direct CIPS Participation for UOB and its Clients:
* One-stop service: UOB can now provide comprehensive RMB clearing, settlement, and payment services, streamlining cross-border transactions for its clients.
* Real-time gross settlement and reduced costs: Direct access to CIPS enables real-time gross settlement of RMB transactions, reducing intermediary steps and potentially lowering payment and clearing costs for clients.
* Enhanced efficiency and transparency: The direct connection to CIPS improves the speed and transparency of RMB transactions.
* Expanded network: UOB can now process RMB transactions on behalf of indirect participants through CIPS’s global network of over 1,600 institutions, further expanding its reach.
* Support for regional RMB businesses: This participation significantly enhances UOB’s capability to serve regional clients engaging in RMB businesses, particularly within ASEAN and Greater China, where RMB payments and trade settlements have seen consistent growth.
* New RMB-focused solutions: UOB China has introduced various RMB-focused solutions to support regional businesses, including:
* Cross-border cash sweeping
* Liquidity management
* Trade financing
* Investment and escrow services
* Pioneering transactions: UOB China recently completed the first RMB cross-border refinancing transaction by a foreign bank in China, demonstrating its commitment to facilitating RMB business and assisting importers and exporters with working capital management.
This move reinforces UOB’s vision of becoming a top transaction bank in ASEAN and contributes to Singapore’s role as a regional financial services hub and offshore RMB center.

Video courtesy of First Bank of Nigeria

Video courtesy of First Bank of Nigeria