Recently, the People's Bank of China, together with seven other ministries including the National Development and Reform Commission and the Ministry of Commerce, issued a document on financial support for the construction of the new international land-sea trade corridor, which explicitly proposed "supporting the exploration and promotion of pilot projects for cross-border payments of digital RMB between the mainland and Singapore." On December 24, the Bank of China successfully completed a digital RMB overseas top-up test in Singapore, taking concrete actions to promote the in-depth and practical development of cross-border payment innovation.
Starting in January 2026, Bank of China will invite local customers to participate in a trial. At that time, Singapore residents can register for a digital RMB wallet using their local mobile phone number, conveniently top up their digital wallet through Bank of China's mobile banking app, and use the digital RMB for offline consumption payments in scenarios such as tourism and business trips to China.
The digital yuan project is one of the six financial outcomes reached at the 21st meeting of the Joint Committee on Bilateral Cooperation between China and Singapore (JCBC). As one of the first authorized operators, the Bank of China is leveraging its global advantages to create a more convenient, efficient, and secure cross-border payment ecosystem, injecting strong momentum into financial connectivity between the two countries.
Bank of China will actively explore new scenarios for the international use of the RMB, continuously optimize financial products and services and innovation, and contribute more to the continued deepening of China-Singapore economic and trade cooperation.
