CIPS to debut in Shanghai in 2014 | Asian Banking & Finance
,China
1 view

CIPS to debut in Shanghai in 2014

3Part of campaign to internationalize the RMB.

The China International Payment System will be set up and hosted in Shanghai next year. The new international payment system developed by the People's Bank of China, the central bank, is designed to make cross-border settlement in renminbi or RMB more efficient and to further boost the global profile of the Chinese currency.

The development and deployment of the right international payment infrastructure in Shanghai is important for the development of financial industry in the city. CIPS is also a vital development in international payment systems, which will work as a complementary facility to the current renminbi clearing services in offshore markets such as Hong Kong, Singapore and Taiwan.

PBOC announced the launch of CIPS in 2010 for cross-border RMB settlement. CIPS will be SWIFT-based and modeled on the U.S. CHIPS clearing, including integration with CNAPS modeled on Fedwire.

Get Asian Banking & Finance in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The number of HNWIs is expected to reach 3.9 million in 2021 or 60.6% of the population.
Banks have to remain consistent and continuous in testing best practices.
Shares were priced at the top end, at KRW39,000 ($34).
In January, 1.2 million transactions were carried out via the SGQR.
Its launch will require legal changes to the nation’s foreign exchange and IT rules.
But less than half of consumers are impressed with the digital financial services currently offered.
Treasury teams can mobilize liquidity and fund intraday payments in real-time.
Customers have the option to pay their tax balances in full or partially.
About 750 new accounts have been opened in four APAC markets through the new portal.
UnionDigital will be a wholly-owned subsidiary of the Philippine lender.
SmartStream’s Peter Hainz and Amazon Web Services’ Anna Green shared their insights on the advantages of on-demand and highly scalable cloud environments for banks and other financial institutions, as well as the factors hindering its adoption in the region.
This August, the Asian Banking & Finance and SAP will provide insights on the evolving landscape for ESG in financial services.
Thirteen lenders noted that demand was moderately weaker than the preceding 3-month period.
Investors will likely seek signs that private lenders will be able to step up lending once COVID subsides.