If you frequently remit money to China or do business with Chinese companies, here’s some good news: Singapore banks are upgrading their RMB cross-border payment services — making transfers faster, cheaper, and more convenient!
In recent years, as China pushes for RMB internationalisation, trade and investment flows between Southeast Asia and China have grown rapidly. To facilitate these transactions, the Cross-Border Interbank Payment System (CIPS) has expanded swiftly. In 2024 alone, it processed over RMB 175 trillion, a 42.6% increase from the previous year.
As a leading financial hub in Asia, Singapore’s major banks have actively joined the CIPS system, offering businesses and individuals a more efficient RMB remittance experience:
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DBS Bank
As the first Singapore bank to join CIPS, its transaction volume grew by more than 30% in 2023, primarily serving corporate clients in China-ASEAN trade. -
UOB
In June 2024, UOB and its China subsidiary became direct CIPS participants, enabling clients to enjoy near-instant RMB settlement while significantly lowering transfer costs. -
OCBC
Its China subsidiary joined as a direct participant in September 2023, further boosting cross-border payment efficiency.
Today, remitting money from Singapore to China can be completed in just a few minutes, compared to the traditional 1-2 business days. The system uses a more direct clearing channel, meaning lower transfer fees.
What’s more, CIPS supports real-time 24/7 processing, unaffected by Chinese banking hours — so transfers can be made anytime, whether on weekdays or public holidays.
Looking ahead, China’s digital yuan (e-CNY) pilot could make real-time peer-to-peer transfers between Singapore and China a reality. The process may soon be as simple as using PayNow. While still in its testing phase, this marks the beginning of a transformational change in cross-border payments, opening up new possibilities for financial flows between Singapore and China.
References
Reuters – DBS sees rising demand for yuan settlements from Chinese exporters (13 August 2025)
https://www.reuters.com/business/finance/dbs-sees-rising-demand-yuan-settlements-chinese-exporters-2025-08-13/?utm_source=chatgpt.com
UOB – UOB gives clients direct access to CIPS to meet their cross-border renminbi needs (18 June 2025)
https://www.uobgroup.com/uobgroup/newsroom/2025/uob-cips-access.page?cr=segment&path=data%2Fuobgroup%2F2025%2F341&utm_source=chatgpt.com
