China Tests Digital Yuan e-CNY Settlement for Malaysia Durian Trade
Fintech News Malaysia
China tested digital yuan (e-CNY) for cross-border durian trade with Malaysia, settling a $6,360 payment in 30 minutes via China Construction Bank.Summary
China conducted a digital yuan (e-CNY) cross-border payment test for a durian shipment to Malaysia, involving a 43,000 yuan ($6,360) transaction processed by China Construction Bank’s Xiamen and Labuan branches. The settlement occurred in 30 minutes, allowing direct conversion to Malaysian ringgit without intermediary fees. This follows a January test of inbound e-CNY transactions and aligns with China’s expansion of e-CNY for international trade. In June, 26 financial institutions joined the Cross-border e-CNY Transfer Services (CBETS) platform, which offers 24/7 payment links to overseas institutions. The transaction highlights e-CNY’s growing role in streamlining cross-border payments.
(Source：Fintech News Malaysia)