Woofun AI reports that the International Operation Center for Digital RMB has formalized service agreements with an initial cohort of 26 financial institutions in Shanghai. The participating entities span major global banks, including ICBC Asia, BOC Hong Kong, Standard Chartered China, and Industrial Bank Hong Kong Branch, among others.

Upon launch, the system’s capabilities will extend to Hong Kong, Macau, Singapore, Laos, Thailand, the United Arab Emirates, Qatar, and Brazil. This infrastructure allows CBETS participants to deliver low-cost, diversified, and secure cross-border digital payment services. The initiative aims to streamline cross-border trade, investment, and financing while advancing the high-level opening up of China’s financial sector. Future plans include expanding the participant base and enhancing service capabilities.