People's Daily Online, Bangkok, June 18 (Reporter Zhang Jinruo) Singapore News: Singapore United Overseas Bank Limited (UOB) and its wholly-owned subsidiary in China United Overseas Bank (China) Limited (UOB China) have officially signed a contract to become direct participants in the Cross-border Interbank Payment System (CIPS).

The scale of RMB in cross-border payments and trade settlements continues to rise. More than 50% of cross-border settlements are in mainland China, Hong Kong, China and the ASEAN region, which are the core business markets of UOB. In 2024, UOB's cross-border RMB settlement volume will double, and the bank also expects that the proportion of RMB use in international investment, payment and trade will continue to increase.