cross-border banking

The Cross-Border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. Backed by the People's Bank of China (PBOC), China launched the CIPS in 2015 to internationalize RMB use. CIPS also counts several foreign banks as shareholders, including HSBC, Standard Chartered, the Bank of East Asia, DBS Bank, Citi, Australia and New Zealand Banking Group, and BNP Paribas.
In 2022, CIPS processed around 96.7 Trillion yuan ($14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system.As of November 2023, CIPS has 1482 participants with 129 as Direct Participants and 1353 as Indirect Participants. Among Indirect Participants, 1005 participants are from Asia (including 563 from Chinese Mainland), 235 from Europe, 48 from Africa, 28 from North America, 20 from Oceania, and 17 from South America.
CIPS participants are located in 111 countries and regions around the world. The actual business covers more than 4,400 banking institutions in 182 countries and regions around the world.

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