The Industrial and Commercial Bank of China (ICBC) Singapore Branch has successfully piloted a program allowing Singaporean users to top up their digital RMB wallets from local ICBC accounts. This initiative, guided by the Digital Currency Research Institute of the People's Bank of China and the Monetary Authority of Singapore, enables users to utilize digital RMB for travel and consumption in China. This development marks a significant step in the cross-border application of digital currency, following ICBC's previous pilot for digital RMB import and export settlement, and aims to enhance financial cooperation between China and Singapore.
ICBC Singapore Launches Digital RMB Wallet Top-Up Pilot
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