Ren Min Wang·2025-11-20 01:45Core Viewpoint - The successful launch of the CIPS (Cross-Border Interbank Payment System) project by the Industrial and Commercial Bank of China (ICBC) in collaboration with Standard Bank Group marks a significant advancement for RMB clearing networks in Africa [1][2] Group 1 - ICBC has established a strategic partnership with Standard Bank Group, becoming the largest single shareholder and facilitating the direct participation of Standard Bank in CIPS [1] - The project aims to enhance the RMB clearing infrastructure in Africa, with a memorandum of cooperation signed during the China-Africa Economic and Trade Investment Forum [1] - The CIPS system at Standard Bank successfully went live, making it the first local bank in Africa to achieve direct participation in CIPS [2] Group 2 - The collaboration between ICBC and Standard Bank has led to the completion of system setups and the successful approval from the South African Reserve Bank for the CIPS system [2] - The first large RMB payment transaction has been completed, indicating the operational readiness of Standard Bank as a CIPS direct participant [2] - Future efforts will focus on strengthening the cross-border settlement and payment clearing system to support Sino-South African and Sino-African economic cooperation [2]