China has tested faster cross-border settlement with Malaysia using a 43,000 yuan (US$6,360) digital yuan payment for a fresh durian shipment, according to the South China Morning Post.
The transaction settled in about 30 minutes.
China Construction Bank’s Xiamen and Labuan branches processed the payment.
The channel allows recipients to convert e-CNY directly into Malaysian ringgit without additional intermediary fees.
China and Malaysia had previously tested an inbound e-CNY transaction in January.
The mechanism enables direct settlement without routing payments through multiple intermediary banks.
In June, 26 financial institutions signed agreements to participate directly in Cross-border e-CNY Transfer Services, or CBETS.
The platform provides round-the-clock payment links with overseas financial institutions and payment systems.
The transaction comes as China expands the use of e-CNY for cross-border trade and payments.
This article first appeared on Fintech News Malaysia
Featured image: Edited by Fintech News Hong Kong, based on image by rawpixel.com via Magnific
