SHANGHAI, June 16 (Xinhua) -- Cross-border e-CNY (digital Chinese yuan) services have made new progress with 26 financial institutions signing on as direct participants with e-CNY Center International Co., Ltd. in Shanghai Tuesday.

The first batch of direct participants in China's digital fiat currency and its related payment system includes Standard Chartered China, as well as multiple Chinese-funded banks' branches in Thailand, Singapore, Laos and Qatar.

Under the traditional model, a single cross-border transaction often has to pass through three-to-five intermediary banks, undergoing processes such as message verification and compliance checks.

With the help of the Cross-border e-CNY Transfer Services (CBETS), these institutions can achieve direct connectivity with the payment systems of monetary authorities and various financial institutions at home and abroad, reducing the settlement period from several working days to just a few hours.

CBETS is a cross-border and blockchain infrastructure service platform for e-CNY, built and operated by e-CNY Center International Co., Ltd. under the guidance of the Digital Currency Institute of the People's Bank of China.

"The signing of the CBETS direct participant agreement showcases our proactive move to take part in the development of Central Bank Digital Currency (CBDC) and the digital RMB," said Rene Michau, global head of digital assets of Standard Chartered Group. "It also reinforces our role as a super connector across borders, markets and client segments, bringing our cross-border strategy to life."

The e-CNY Center International Co., Ltd. officially commenced operations in September last year. Since the beginning of this year, the center has upgraded its three major platforms into the CBETS, bringing cross-border e-CNY service capabilities to a new level.

Not only does CBETS serve as a digital RMB cross-border infrastructure service platform, supporting integration with central bank payment systems and digital currency networks, it also allows overseas financial institutions to access its services directly, offering round-the-clock smart digital payment solutions that operate both on-chain and off-chain.■