China Adds 26 Financial Institutions to Cross-Border Digital Yuan Platform

China has expanded institutional participation in its cross-border digital yuan infrastructure after 26 financial institutions signed direct participant agreements with e-CNY Center International in Shanghai on 16 June 2026.

The agreements allow the participating institutions to connect to CBETS, a cross-border infrastructure platform designed to support digital yuan transfers between financial institutions and payment systems in different jurisdictions.

What is CBETS?

CBETS stands for Cross-border e-CNY Transfer Services.

The platform is built and operated by e-CNY Center International under the guidance of the Digital Currency Institute of the People’s Bank of China. It combines cross-border payment connectivity with blockchain-based infrastructure for digital yuan services.

According to Xinhua, CBETS can connect with:

• payment systems operated by monetary authorities;
• domestic and overseas financial institutions;
• central bank digital currency networks;
• on-chain and off-chain payment infrastructure.

The platform is designed to support round-the-clock digital payment and settlement services for participating institutions.

Which institutions are participating?

The complete list of all 26 institutions was not included in the initial public reports.

Confirmed participants include Standard Chartered Bank China, alongside branches of Chinese-funded banks in:

• Singapore;
• Thailand;
• Laos;
• Qatar.

Standard Chartered said it was among the first foreign banks to enter into a CBETS direct participant agreement.

Direct participant status gives a financial institution a more direct connection to the platform’s settlement infrastructure. It does not mean that every customer of the institution can immediately use every CBETS service.

Actual availability will depend on the institution, transaction type, participating market, compliance requirements and commercial rollout.

A more direct cross-border settlement route

Traditional correspondent banking payments may pass through several intermediary institutions before reaching the receiving bank.

Each intermediary may need to complete message validation, sanctions screening, compliance checks and liquidity processing.

Xinhua reported that a traditional cross-border transaction can involve three to five intermediary banks. Through direct platform connectivity, CBETS is intended to reduce some of these layers.

The report said settlement could be reduced from several working days to several hours in eligible CBETS transactions. This is a description of the platform’s intended or reported processing model, rather than a guaranteed timeframe for every transaction.

The international centre continues to expand

e-CNY Center International began operating in Shanghai in September 2025.

The centre was established to develop international digital yuan infrastructure and initially operated three platforms covering cross-border digital payments, blockchain services and digital assets.

Since the beginning of 2026, those capabilities have been upgraded and consolidated into CBETS, according to Xinhua.

The addition of direct participants indicates that the project is moving from infrastructure development toward broader institutional connectivity.

What it means for cross-border businesses

For international businesses, the development is relevant because new settlement networks may eventually provide additional routes for trade payments and institutional money movement.

Potential benefits of a more direct settlement structure include:

• fewer intermediary banking relationships;
• clearer transaction status information;
• extended operating hours;
• reduced processing complexity;
• more direct digital currency settlement.

However, businesses should not treat the agreement as evidence that CBETS is now generally available across all markets.

Before adopting any cross-border digital currency infrastructure, companies would still need to confirm:

• whether their bank participates;
• which transaction types are supported;
• the available currencies and settlement routes;
• foreign exchange arrangements;
• compliance and reporting requirements;
• refund and transaction-reversal procedures;
• reconciliation and accounting treatment.

A separate development from mBridge and CIPS

CBETS should not be confused with mBridge or the Cross-Border Interbank Payment System, known as CIPS.

While all three relate to cross-border payment or settlement infrastructure, they have different governance structures, participating institutions and technical models.

CBETS is specifically connected to cross-border e-CNY services operated through e-CNY Center International.

Outlook

The addition of 26 direct participants marks a new stage in China’s effort to build cross-border infrastructure around the digital yuan.

The next indicators to monitor will include:

• the full list of participating institutions;
• live transaction corridors;
• transaction eligibility;
• commercial customer access;
• interoperability with overseas payment systems;
• transaction and settlement volumes.

Until those details are published, the development should be understood as an expansion of institutional participation rather than the universal launch of a new global payment network.