Standard Bank Group Joins China’s Cross-Border Payment System
By joining CIPS first among African banks, the group is strengthening Africa’s connectivity to global trade corridors.
LILONGWE, Malawi — Standard Bank Group has become the first African bank to participate directly in China’s Cross-Border Interbank Payment System, a milestone expected to facilitate trade between Africa and its largest trading partner, writes AfricaBrief Reporter.
The system enables cross-border payments in Chinese Renminbi, reducing transaction friction and accelerating settlement times.
It provides an alternative to the global SWIFT network for yuan-denominated transactions.
The service is currently live in South Africa and will be extended to other markets, including Malawi, soon.
Phillip Madinga, chief executive of Standard Bank Plc, said the development reflects the group’s commitment to meeting clients’ evolving needs and supporting economic growth.
“Previously, we led the way with Africa-China Banking, which allows Malawians to order goods from government-certified suppliers in China while the bank manages the logistical complexities on their behalf,” Madinga said.
“These initiatives reflect our dedication to simplifying trade and unlocking opportunities for businesses and individuals alike.”
Standard Bank Group said the achievement demonstrates its leadership in financial innovation and cross-border enablement.
By joining CIPS first among African banks, the group is strengthening Africa’s connectivity to global trade corridors.
CIPS is designed to provide more efficient, low-cost and convenient international RMB payments. China is Africa’s largest trading partner.
Standard Bank Plc will offer CIPS to clients as part of the group’s phased rollout in the near future.