Standard Bank processes over RMB8bn in payments through CIPS - Asset Servicing Times

Standard Bank Processes Over CNY 8 Billion in Payments through CIPS

Standard Bank, the biggest bank in Africa by assets and the first bank in Africa authorised to process transactions through China’s Cross-Border Interbank Payment System (CIPS) has facilitated over CNY 8 billion (US$ 1.2 billion) in transactions. The bank was granted approval to offer direct transactions through CIPS in June 2025 at the Lujiazui Forum in Shanghai.  CIPS enables interbank payments between Africa and China using the Chinese Renminbi (RMB) as the settlement currency. Available across Standard Bank’s platforms, the system allows banks and financial institutions to clear and settle cross-border payments directly in RMB, reducing reliance on intermediary currencies and streamlining transaction processes. Since launching the service, Standard Bank has expanded CIPS access beyond South Africa to Angola, Ghana, Kenya, Lesotho and Tanzania, extending the benefits of faster, more efficient RMB settlement to clients across key African trade corridors. “The payment system’s rapid scale is clear. Surpassing CNY 8…

Standard Bank processes over RMB8bn in payments through CIPS - Asset Servicing Times

China’s Cross-Border Interbank System enables interbank payments between Africa and China using the Chinese Renminbi as the settlement currency