China has completed its inaugural cross-border payment using the digital yuan, transferring roughly 10 million yuan to Singapore in a single day. This payment covered import shipping fees and was facilitated through the Digital Currency Express platform, signaling a major step in China's digital currency adoption across borders.
The transaction involved W Company, a subsidiary of a state-owned trading platform specializing in iron ore imports, and was coordinated by the Industrial and Commercial Bank of China's Shanghai branch alongside ICBC Singapore. This method bypasses traditional international transfer systems, delivering faster settlements and cutting foreign exchange costs.
Developed by the People’s Bank of China’s Digital Currency Research Institute, the Digital Currency Express platform was revamped in 2026 to support both centralized and blockchain technologies. It also enables foreign financial institutions to connect through a Hong Kong gateway known as “One Point of Access,” enhancing interoperability with global payment networks.
