Recently, with the support of the Cross-border Interbank Payment System (CIPS), CIB successfully launched the "CIPS + Treasury" new financial management business model for two renowned central state-owned enterprise groups. This marks another breakthrough in CIB’s cross-border financial management services for central and state-owned enterprises.
The "CIPS + Treasury" model enables corporate groups to utilize CIPS's new functions to interact with commercial banks, thereby managing accounts for domestic and overseas member enterprises, enhancing the efficiency of cross-border fund management, and reducing financial costs. Currently, CIB’s "CIPS + Treasury" provides services including cross-border remittances in both RMB and foreign currencies, international letters of credit, account visibility, and cross-border cash pooling for group member enterprises.
"CIPS offers advantages of low cost and high security, with a wide distribution of direct and indirect participating banks within the country, providing an important platform for corporate group treasury management. Going forward, CIB will leverage the CIPS network, continue to capitalize on Fintech advantages, and enhance domestic and international treasury management services to support the treasury construction of multinational corporate groups," said a representative from CIB's International Business Department.
CIB has established a long-term strategic partnership with the Cross-border Interbank Payment System (CIPS) and deeply participates in CIPS product innovation and market promotion, aiding the internationalization of the RMB. As of the end of May 2024, CIB's RMB cross-border payment and receipt volume exceeded 970 billion RMB, an increase of 37%. The number of indirect participating banks connected through CIB reached 155, with a year-on-year growth in agent cross-border payment volume exceeding 40%. CIB's CIPS product cooperation customers totaled over 120, with a cumulative cross-border RMB payment and receipt volume of more than 450 billion RMB, placing it at the forefront of the market.