China's ICBC branch in Myanmar joins cross-border interbank payment system

YANGON - The Industrial and Commercial Bank of China (ICBC) Yangon Branch has joined the Cross-Border Interbank Payment System (CIPS) to further promote the use of RMB for cross-border transactions in Myanmar and China.

A ceremony marking ICBC Yangon Branch's participation in the CIPS was held Wednesday in the commercial hub of Myanmar.

ICBC Yangon Branch is among the first commercial banks approved to offer comprehensive RMB financial services for the border trade between China and Myanmar, including on RMB account opening, deposits, settlements, financing, and foreign exchange to Chinese and Myanmar clients, according to the bank.

Than Than Swe, governor of the Central Bank of Myanmar, said cross-border payment between her country and China could be significantly swifter as a result of the ICBC Yangon Branch's inclusion in the CIPS.

"Moreover, bilateral trade, investment and cash flow between the two countries will be increasing dramatically," she said.

Over 50 people, including government and banking officials, businesspeople and representatives from media, from China and Myanmar, attended the ceremony on Wednesday.