Cross-Border Interbank Payment System
The Cross-Border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. Backed by the People's Bank of China (PBOC), China launched the CIPS in 2015 to internationalize RMB use. CIPS also counts several foreign banks as shareholders, including HSBC, Standard Chartered, the Bank of East Asia, DBS Bank, Citi, Australia and New Zealand Banking Group, and BNP Paribas.
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Type | Cooperative |
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Industry | Telecommunications |
Founded | 2015 |
Headquarters | Shanghai, China |
Products | Financial telecommunication |
Website | cips.com.cn/en |
In 2022, CIPS processed around 96.7 Trillion yuan ($14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system.[1][2]
As of April 2023, CIPS has 1437 participants, with 80 as Direct Participants and 1357 as Indirect Participants. Among Indirect Participants, 1014 participants are from Asia (including 558 from the Chinese Mainland), 225 from Europe, 49 from Africa, 30 from North America, 22 from Oceania, and 17 from South America, covering 110 countries and regions around the world. [3]