Standard Bank Becomes First African Bank to Offer China’s Cross-Border Interbank Payment System

Image via Standard Bank.

China’s alternative to the SWIFT international payment network is now available in Africa, following the announcement by Standard Bank, the continent’s largest bank in terms of assets, as the first institution to offer the Cross-Border Interbank Payment System (CIPS).

This is a notable milestone as China attempts to build a parallel international financial system that is outside the legal jurisdiction of the U.S. and European governments. Furthermore, CIPS also aims to reduce reliance on the U.S. dollar for international transactions, making it easier to settle payments using Chinese yuan. 

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by Eric Olander

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