Cross-Border Payment Capabilities: ICBC Yangon Branch initiates CIPS operations in Myanmar

The Industrial and Commercial Bank of China (ICBC) Yangon Branch commenced its operation for the Cross-Border Interbank Payment System (CIPS) on Wednesday.
A ceremony to mark the commencement of the operation took place at the ICBC Center in Yangon, with the attendance of Governor of the Central Bank of Myanmar (CBM) Dr. Than Than Swe, Chinese Ambassador to Myanmar Mr. Chen Hai, and officials.
ICBC Yangon Branch is the first direct member of the CIPS System in Myanmar. Local banks can access the Cross-border payment process with Yuan through the CIPS System via the CBM Net System as indirect participants. This system offers an alternative choice for making international payments in addition to SWIFT.
During the ceremony, the CBM Governor and the Chinese Ambassador discussed matters related to cooperation in financial affairs between the two countries. They also discussed providing Liquidity Support services with the People's Bank of China (PBC), signing the Bilateral Currency SWAP Arrangement, and enhancing financial and monetary cooperation in Kunming and Shweli of Yunnan Province.
Furthermore, they discussed extending the use of Yuan-kyat direct payment not only in border trade but also in normal trade and investments.