Standard Chartered Hong Kong has completed the required system construction and upgrades to connect with NetsUnion Clearing Corporation through the Cross-Border Interbank Payment System, according to ETNet.

The upgrade enables real-time execution of cross-border clearing instructions and processing of clearing transactions for partner institutions. The bank also participated 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.

Zhang Ying, head of cash management for Greater China and North Asia at Standard Chartered, said the bank is the first foreign lender outside mainland China to establish clearing connectivity with NetsUnion Clearing Corporation via the CIPS platform, enabling real-time cross-border clearing for partner accounts including Ant International.

Standard Chartered notes that it is the first foreign bank with direct participation qualifications in CIPS in both mainland China and Hong Kong, and that by 2025 its indirect participation count in mainland China and Hong Kong leads foreign banks, with its processed business volume among the top direct participant banks in CIPS.