Standard Chartered Hong Kong Completes CIPS System Upgrade For Cross-Border Clearing

Standard Chartered Hong Kong said it has completed related system construction and upgrades, allowing it to connect with clearing house NetsUnion Clearing Corporation through the Cross-Border Interbank Payment System, according to ETNet. The bank said the setup can support real-time execution of cross-border clearing instructions and clearing transaction processing for partner institutions. It also took part in a launch ceremony in Xiamen for cross-border renminbi network payment and clearing services, alongside representatives from the Cross-Border Interbank Payment System, NetsUnion Clearing Corporation and Standard Chartered Hong Kong. Standard Chartered Greater China and North Asia cash management head Zhang Ying said the bank is the first foreign bank outside mainland China to achieve clearing business connectivity with NetsUnion Clearing Corporation through the CIPS platform, supporting real-time cross-border clearing for partner accounts including Ant International. Standard Chartered said it is the first foreign bank with direct participation qualifications in CIPS in both mainland China and Hong Kong, and that as of 2025 its indirect participant count in mainland China and Hong Kong ranks first among foreign banks, while its processed business volume ranks among the top direct participant banks in CIPS.