The system enables cross-border payments in Chinese Renminbi, reducing transaction friction and accelerating settlement times.
It provides an alternative to the global SWIFT network for yuan-denominated transactions.
The service is currently live in South Africa and will be extended to other markets, including Malawi, soon.
Phillip Madinga, chief executive of Standard Bank Plc, said the development reflects the group’s commitment to meeting clients’ evolving needs and supporting economic growth.
“Previously, we led the way with Africa-China Banking, which allows Malawians to order goods from government-certified suppliers in China while the bank manages the logistical complexities on their behalf,” Madinga said.
Read more: https://africabrief.substack.com/p/standard-bank-group-joins-chinas
