Per Woofun AI, Yiwu Pay and the Zhejiang Branch of the Industrial and Commercial Bank of China (ICBC) have jointly deployed a digital RMB-based cross-border e-commerce payment solution. Guided by the Digital Currency Research Institute of the People’s Bank of China and supported by the CBETS system, this integration connects deeply with the mBridge multilateral central bank digital currency bridge system.

This collaborative innovation enhances ICBC’s 'Cross-border e-Payment' service and Yiwu Pay’s merchant network, specifically targeting the limitations of traditional wire transfers in handling small, frequent payments and real-time fund tracking. The launch signifies the commencement of large-scale testing for these systems within SME cross-border e-commerce contexts. Future iterations aim to refine the platform based on Yiwu merchant needs, eventually extending benefits to diverse cross-border trade scenarios nationwide.