26 financial institutions sign on for new e-CNY cross-border services

Cross-border services for China's digital currency, the e-CNY, took a step forward on Tuesday as 26 financial institutions signed on as participants with e-CNY Center International Co., Ltd. in Shanghai.

After domestic and foreign financial institutions sign on and connect, they can rely on the Cross-border e-CNY Transfer Services (CBETS) provided by the center to conduct their cross-border e-CNY payment services around the clock.

The first batch of 26 direct participants can enjoy the services in countries and regions such as Hong Kong Special Administrative Region (SAR), Macao SAR, Singapore, Laos, Thailand, the United Arab Emirates, Qatar, and Brazil.

Benefits of the services include higher settlement efficiency, lower costs, and diversified participation methods.

CBETS is a cross-border and blockchain infrastructure service platform for e-CNY, built and operated by e-CNY Center International Co., Ltd. under the guidance of the Digital Currency Institute of the People's Bank of China.

The service can handle both cross-border transactions using means such as barcode payments and "tap-to-pay", as well as remittances, trade and investment financing settlements.

Compared with traditional methods, CBETS offers shorter transaction chains and lower channel costs, delivering higher settlement efficiency for clients.

"From the client's perspective, it provides efficient, convenient, compliant, transparent and low-cost around-the-clock high-speed services. That's an innovation for the entire cross-border payment system," said Lu Jing, CEO and vice chairperson of Standard Chartered Bank China.

"The options for international settlements have become more diversified. Our infrastructure has now extended into the e-CNY space, representing an upgrade for traditional banks' international settlement services," said Guo Hao, deputy general manager of the Industrial and Commercial Bank of China (ICBC).

The e-CNY Center International Co., Ltd. officially commenced operations in September last year. Since the beginning of this year, the center has upgraded its three major platforms into the CBETS, bringing cross-border e-CNY service capabilities to a new level.

26 financial institutions sign on for new e-CNY cross-border services

Iranian Foreign Minister Seyed Abbas Araghchi on Wednesday discussed with his Russian counterpart Sergei Lavrov the memorandum of understanding (MoU) between Iran and the United States on ending the war.

In a phone call, Araghchi briefed Lavrov on the peace MoU's details, highlighting the U.S. responsibility to properly implement the deal's provisions as well as the necessity to stop Israel's "aggressions" against Lebanon, according to a statement released by the Iranian Foreign Ministry.

Lavrov welcomed the MoU's finalization, voicing his country's support for the implementation of the agreement's provisions.

The two foreign ministers called on the international community and UN Security Council to support the MoU, stressing the need for the continuation of diplomatic cooperation among regional countries to ensure peace and stability, according to the statement.

They also discussed bilateral ties as well as regional issues of common interest.

The United States, Pakistan and Iran early Monday announced the finalization of the MoU on ending the war following weeks of negotiations, adding that it will be officially signed in Switzerland on Friday.

On Feb. 28, Israel and the United States launched joint attacks on Tehran and other Iranian cities. Iran responded with waves of missile and drone attacks targeting Israel and U.S. bases and assets in the region.

Iranian, Russian FMs call for global support to Iran-U.S. peace MoU