Technology

Answer

Supporting Evidence

1. https://archive.ph/wip/8uZrh

Answered by Nathan Attrill, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

1. https://archive.ph/8uZrh

Answered by Nathan Attrill, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Singapore-based banks use CIPS by virtue of the fact that Singapore ins one of the overseas RMB clearing houses.

1. https://www.theglobaltreasurer.com/2015/10/12/icbc-singapore-clears-first-asia-rmb-transaction-on-cips/
2. https://www.thecorporatetreasurer.com/article/chongqing-launches-rmb-programme-with-singapore-swift-and-cips-to-cooperate-on-c/406950

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

In March 2019, Altyn Bank joined the Chinese Cross-Border Interbank Payment System (CIPS). The system is designed to carry out international settlements in yuan, which allows foreign market participants to make settlements in this currency directly with Chinese partners. The bank joined CIPS as an indirect participant. The direct participant providing connection to CIPS Altyn Bank is the majority shareholder of the bank - China CITIC Bank Corporation Ltd.

1. https://forbes.kz/process/reyting_bankov_kazahstana_2019/

Answered by Bakytbek Satybekov, and has been reviewed by Ani Kintsurashvili and Mariam Usenashvili

Answer

Supporting Evidence

The Cross-Border Interbank Payment System (CIPS) now covers some 40 countries and regions involved in the Belt and Road Initiative. Link Link

1. http://www.china-un.ch/eng/zywjyjh/t1675564.htm
2. https://www.ledgerinsights.com/china-central-bank-digital-currency-cbdc-renminbi-dollar/
3. https://www.cips.com.cn/cips/_2668/_2736/34425/index.html
4. http://finance.sina.com.cn/roll/20151010/110923437736.shtml

Answered by Umedjon Majidi, and has been reviewed by Ani Kintsurashvili

Answer

Supporting Evidence

1. https://techcabal.com/2020/09/17/china-is-pushing-its-currency-into-africa-through-fintech-partnerships/

Answered by Eromosele John Aitokhuehi, and has been reviewed by Lekan Otufodunrin

Answer

Supporting Evidence

Two banks at the time of research: Rand Merchant Bank/FNB and Standard Bank.

1. https://techcabal.com/2020/09/17/china-is-pushing-its-currency-into-africa-through-fintech-partnerships/

Answered by Amanda Strydom, and has been reviewed by Chris Roper

Answer

Supporting Evidence

1. https://www.telam.com.ar/notas/201509/120482-argentina-china-banco.html

Answered by 1 anonymous expert, and has been reviewed by another 2 anonymous experts.

Answer

Supporting Evidence

South Korean branches of global financial companies and local banks, such as Shinhan Bank, currently participate in the CIPS system.

1. http://www.koreaittimes.com/news/articleView.html?idxno=56674
2. https://www.mk.co.kr/news/world/view/2019/05/328166/

Answered by 1 anonymous expert, and has been reviewed by PSA Team

Answer

Supporting Evidence

See below links.

1. https://www.nri.com/jp/knowledge/blog/lst/2020/fis/kiuchi/0206
2. https://www.bk.mufg.jp/news/news2019/pdf/news0627.pdf
3. https://www.mizuhobank.co.jp/corporate/world/info/cndb/rmb/index.html
4. https://www.smbc.co.jp/news/j602132_01.html

Answered by Maiko Ichihara, and has been reviewed by PSA Team

Answer

Supporting Evidence

See below link.

1. https://www.sohu.com/a/417880704_114731

Answered by Alexander Vuving, and has been reviewed by PSA Team

Answer

Supporting Evidence

E.g., Deutsche Bank.

1. https://www.globalbrandsmagazine.com/deutsche-bank-becomes-a-direct-participating-bank-of-chinas-newly-launched-cips/

Answered by Didi Kirsten Tatlow, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

In the UK both the China Construction Bank Corporation London Branch and the Bank of China London Branch use CIPS.

1. https://www.cips.com.cn/

Answered by Hannah Bailey, and has been reviewed by Martin Thorley

Answer

Supporting Evidence

The CIPS website does not indicate the names of the financial institutions but the regional scope of their participants, according to which there are some financial institutions from Jordan using CIPS. Link

1. https://www.cips.com.cn/en/participants/participants_announcement/55500/index.html

Answered by 1 anonymous expert, and has been reviewed by Ani Kintsurashvili

Answer

Supporting Evidence

The CIPS website does not indicate the names of the financial institutions but the regional scope of their participants, according to which there are some financial institutions from Lebanon using CIPS. Link

1. https://www.cips.com.cn/en/participants/participants_announcement/55500/index.html

Answered by 1 anonymous expert, and has been reviewed by Ani Kintsurashvili

Answer

Supporting Evidence

This facility is open to Zambians doing business in China. It is also notable that Chinese currency can be used for transactions in Zambia

1. https://www.cips.com.cn/en/about_us/about_cips/direct_participants_list/index.html

Supplementary Notes

Please refer to the URL for an illustration of the positive response

Answered by 2 anonymous experts, and has been reviewed by another 2 anonymous experts.

Answer

Supporting Evidence

中国银行匈牙利分行

1. http://www.cips.com.cn/

Answered by 2 anonymous experts, and has been reviewed by Kristína Kironská

Answer

Supporting Evidence

1. https://www.brecorder.com/news/40128263

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

The financial institutions in Taiwan use the SWIFT system instead of CIPS.

Answered by Lee Penghsuan, and has been reviewed by Pellaeon Lin

Answer

Supporting Evidence

Indonesia financial institutions do not use the China Cross-Border Interbank Payment System (CIPS) clearing and settlement services system. Indonesian Central Bank has refined the National Clearing System (SKNBI) in order to minimise credit risk in terms of debit clearing.

1. https://www.bi.go.id/en/fungsi-utama/sistem-pembayaran/default.aspx#:~:text=On%20the%20retail%20side%2C%20Bank,payment%20obligations%20to%20other%20banks.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Not Found

Answered by 1 anonymous expert, and has been reviewed by Ani Kintsurashvili and Tinatin Khidasheli

Answer

Supporting Evidence

Not Found

Answered by Tatiana Sedova, and has been reviewed by Ani Kintsurashvili

Answer

Supporting Evidence

No evidence to include

Answered by Jean Githae, and has been reviewed by Tolera Gemta

Answer

Supporting Evidence

Not Found

1. https://www.centralbank.go.ke/national-payments-system/#:~:text=EAPS%20is%20a%20funds%20transfer,in%20the%20EAC%20local%20currencies

Answered by Mary Mutisya, and has been reviewed by Allan Cheboi

Answer

Supporting Evidence

No evidence

Answered by Christian Ngnie, and has been reviewed by Fadel Thior

Answer

Supporting Evidence

No evidence was found of financial institutions in Brazil using the China Cross-Border Interbank Payment System (CIPS). The search results indicate that in Brazil, international transfer operations are carried out by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). There is an order from 2018, from the Central Bank of Brazil, confirming that two Brazilian civil servants attended a meeting at the Central Bank of China and "watch a presentation on the Chinese experience with the Cross" border Interbank Payment System".

Answered by 1 anonymous expert, and has been reviewed by another 2 anonymous experts.

Answer

Supporting Evidence

No comments.

Answered by Eloisa Larrea Montaño, and has been reviewed by another 2 anonymous experts.

Answer

Supporting Evidence

Interview with BBVA Bank employee. Link

1. https://www.bcu.gub.uy/Comunicaciones/Paginas/Swift_set2014.aspx

Answered by 1 anonymous expert, and has been reviewed by another 2 anonymous experts.

Answer

Supporting Evidence

Paraguayan banks operate with different correspondents. These agents in turn have different links worldwide. But it cannot be verified that Paraguayan banks operate directly with CIPS. (Request to local banks)

Answered by 1 anonymous expert, and has been reviewed by another 2 anonymous experts.

Answer

Supporting Evidence

Chile’s banks do not use CIPS and would rather use the Swift Standard. RMB is not a widely used currency either, as most comparisons are made in USD or the national UF.

1. https://www.swift.com/swift-resource/40221/download?language=en
2. http://www.china.org.cn/world/Off_the_Wire/2015-10/12/content_36802676.htm

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

As the link shows, CIPS is not approved for use by Colombian financial institutions.

1. https://www.banrep.gov.co/es/sistemas-de-pago

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

No evidence found.

1. https://cambiopesodolar.com.mx/sistema-pagos-internacionales-china/
2. https://www.cips.com.cn/cipsen/7052/7057/index.html
3. https://www.banxico.org.mx/payment-systems/d/%7B611C4F2A-0CE2-03E3-081D-CB7A03A246C9%7D.pdf

Supplementary Notes

Even when there’s HSBC in Mexico. According to what I have reviewed, it hasn’t been used in Mexico.

Answered by 2 anonymous experts, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Not Found

1. https://gestion.pe/gestion-tv/codigo-swift-relacion-transferencias-bancarias-internacionales-258107-noticia/
2. https://www.celag.org/evaluacion-las-alternativas-al-swift/

Answered by 2 anonymous experts, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

the Venezuelan government has shown interest in the matter, but nothing has happened on this matter so far.

1. https://www.argusmedia.com/en/news/1941803-caracas-exploring-chinese-russian-payment-systems

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Not Found

Supplementary Notes

Banks in/from my country use CIPS at least inside their China offices: Link

1. https://www.cips.com.cn/cipsen/7052/7057/33783/33822/index.html

Answered by 1 anonymous expert, and has been reviewed by PSA Team

Answer

Not Found

Answered by 1 anonymous expert, and has been reviewed by PSA Team

Answer

Supporting Evidence

Not Found

1. https://www.bsp.gov.ph/PaymentAndSettlement/FAQ_PhilPaSS.pdf
2. https://news.cgtn.com/news/2021-01-17/RMB-clearing-bank-launched-in-the-Philippines-X7qjlqEZEs/index.html

Supplementary Notes

There are different system used on the country, but there are no direct information that shows that CIPS is currently being used.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

.

Answered by 2 anonymous experts, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

No evidence found.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Not Found

1. https://www.regulationasia.com/pboc-swift-to-establish-cross-border-payment-stability/

Supplementary Notes

PBOC, SWIFT to Establish Cross-border Payment Stability: … According to the PBOC, the joint venture will build a localised messaging network to provide financial institutions in China with a more stable, resilient and secure connection to the main SWIFT network… The other shareholders of the venture include CIPS (Cross-border Interbank Payment System), PCAC (Payment & Clearing Association of China) and CNCC (China National Clearing Centre).

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

No evidence available.

Answered by Frank Jüris, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

No evidence of that available.

Answered by Tobiáš Lipold and 1 anonymous expert, and has been reviewed by Martin Hála

Answer

Supporting Evidence

There is no available online data that would prove or deny the use of China Cross-Border Interbank Payment System (CIPS) in Bosnia and Herzegovina.

Answered by Tobiáš Lipold, Amina Celikovic, Selma Asceric, Darko Brkan, Emir Velic, Semir Dzebo, Aldin Karahasanovic and Emir Muric, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

In 2018, there were less than three institutions operating in Poland that were indirect users of the CIPS system. In 2020, no Polish entity was the direct user of CIPS system. In Europe, the key CIPS users are localized in Germany and UK. While considering the status as of 2018 the answer was given YES (1) however it should be noted that such formulation of question leads to distorted image.

1. https://www.cips.com.cn/cips/resource/cms/article/38772/42202/%e5%8f%82%e4%b8%8e%e8%80%85%e6%9c%8d%e5%8a%a1%e6%9c%88%e6%8a%a5-%e6%91%a9%e6%a0%b9%e5%a4%a7%e9%80%9a%e9%93%b6%e8%a1%8c%ef%bc%88%e4%b8%ad%e5%9b%bd%ef%bc%89%e6%9c%89%e9%99%90%e5%85%ac%e5%8f%b8-2020%e5%b9%b46%e6%9c%88.pdf
2. http://www.gov.cn/xinwen/2020-08/14/5534896/files/efc3e33de4124221bb56825649a0e4d0.pdf
3. https://www.cips.com.cn/cips/_2664/_2708/33611/index.html

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

No Evidence Found.

Answered by 1 anonymous expert, and has been reviewed by Ani Kintsurashvili

Answer

Not Found

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Not Found

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

India has its SFMS (Structured Financial Messaging Systems). Although in 2019, State Bank of India's Shanghai branch is connected to China's National Advance Payment System (CNAPS). For an alternative to U.S SWIFT payment system, India plans to link the Central Bank of Russia's platform with a service, currently under development.

1. https://www.businesstoday.in/latest/corporate/story/sbi-becomes-1st-indian-bank-to-link-up-with-chinas-national-advance-payment-system-220315-2019-08-03
2. https://www.iftas.in/services/sfms/
3. https://economictimes.indiatimes.com/news/economy/foreign-trade/india-russia-china-explore-alternative-to-swift-payment-mechanism/articleshow/72048472.cms?from=mdr
4. https://financialservices.gov.in/circulars/use-sfms-sending-and-receiving-letter-credit-and-bank-guarantee-instruments

Answered by 1 anonymous expert, and has been reviewed by Tenzin Dalha

Answer

Not Found

Answered by Edval Zoto, and has been reviewed by another 1 anonymous expert.

Answer

Not Found

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Chinese Cross-Border Interbank Payment System (CIPS)is not used in Latvia: Link

1. https://www.bank.lv/en/tasks/payment-systems/instant-payments

Answered by Una Berzina-Cherenkova, and has been reviewed by Salome Svanidze

Answer

Supporting Evidence

No evidence found

Answered by Farkhad Tolipov, and has been reviewed by Salome Svanidze

Answer

Supporting Evidence

Not Found

1. https://www.cips.com.cn/cipsen/7068/7047/50631/index.html

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Ghana is known to use SWIFT for cross border transaction and SWIFT is likely partnered with CIPS but the submitted reference was not accessible

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Interview with government and bank officials establish that financial institutions in Tanzania use SWIFT payment system rather than China Cross-Border Interbank Payment system.

1. https://www.bis.org/cpmi/paysys/tanzania.pdf

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Information source with the Ministry of Finance as well as the chief executive officer of the Gambian Chamber of Commerce indicates China's CIPS is not in use in the Gambia. Also, the weblink indicates that CIPS is yet to enter into force in the Gambia.

1. https://techcabal.com/2020/09/17/china-is-pushing-its-currency-into-africa-through-fintech-partnerships/#:~:text=In%20Africa%2C%20its%20cards%20are,jumped%20123%25%20according%20to%20SWIFT.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Not Found

Answered by Filip Noubel, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

No but China is making a lot of efforts to enhance financial cooperation. (see below URL)

1. https://www.globaltimes.cn/page/202202/1252541.shtml

Answered by Filip Noubel, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Bangladeshi banks are used to working within SWIFT network with transactions in US dollar. They are yet to use Cross-Border Interbank Payment System (CIPS) which deals with Chinese banks and yuan-denominated payments around the world. However, there is a strong debate in the country for using the CIPS system.

1. https://www.tbsnews.net/economy/banking/bangladeshi-banks-look-chinese-payment-channel-skirt-western-sanctions-386430
2. https://thefinancialexpress.com.bd/views/columns/bypassing-swift-messaging-system-1648393282

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

No such incident occurred.

Answered by Konstantinas Andrijauskas, and has been reviewed by Vida Macikenaite and Linas Didvalis

Answer

Not Found

Supplementary Notes

No evidence to suggest otherwise.

Answered by Rumena Filipova and Mirela Petkova, and has been reviewed by Matej Šimalčík

Answer

Supporting Evidence

There has up until now been no public report of such phenomenon in Austria.

Answered by 2 anonymous experts, and has been reviewed by Alfred Gerstl

Answer

Supporting Evidence

Not Found

1. https://www.cips.com.cn

Answered by 1 anonymous expert, and has been reviewed by Alfred Gerstl

Answer

Supporting Evidence

No evidence exists to suggest otherwise.

Answered by 2 anonymous experts, and has been reviewed by Richard Turcsányi

Answer

Supporting Evidence

No evidence exists to suggest otherwise.

Answered by 2 anonymous experts, and has been reviewed by Richard Turcsányi

Answer

Not Found

Supplementary Notes

No relevant reports. In addition, Greece would not be allowed to use CIPS due to its membership in the European banking union.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Not Found

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Afghanistan uses the SWIFT service system though it is currently struggling to do so due to sanction on Taliban.

Answered by 2 anonymous experts, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Turkmenistan uses SWIFT with China but shows positive signs in terms of RMB usage for Credit Transfer Payments

Answered by 2 anonymous experts, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Not Found

1. https://www.cips.com.cn/

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Not Found

1. https://www.cips.com.cn/
2. https://bit.ly/3zjCZ3A

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Los acuerdos firmados entre entidades bancarias panameñas y chinas no contemplan el uso de este sistema de pago.

1. https://www.cips.com.cn/
2. https://drive.google.com/file/d/1tSxi3uMKIypNbhobk9lTBjZJza28OGOl/view

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Not Found

1. https://www.cips.com.cn/en/participants/participants_announcement/56547/index.html

Supplementary Notes

At present, CIPS has 75 direct participants. In Europe, the system’s direct participants are in London, Frankfurt, Zurich, Paris, Luxembourg, Hungary and Russia

Answered by 1 anonymous expert, and has been reviewed by Sorin Ionita

Answer

Supporting Evidence

Not Found

1. https://www.cips.com.cn/

Supplementary Notes

We could find no evidence of Moldovan financial institutions using CIPS

Answered by Eugen Muravschi, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Not Found

1. https://asiatimes.com/2022/03/china-media-goads-russia-to-use-cips-over-swift/

Supplementary Notes

"At present, CIPS has 75 direct participants and 1,205 indirect participants. In Europe, the system’s direct participants are in London, Frankfurt, Zurich, Paris, Luxembourg, Hungary and Russia"

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Not Found

1. https://internationalmoneytransfers.org/italy-swift-codes/
2. https://www.cips.com.cn/en/participants/participants_announcement/index.html

Answered by 1 anonymous expert, and has been reviewed by Sorin Ionita

Answer

Supporting Evidence

Not Found

1. https://www.cips.com.cn/cips/gywm/cipsxt/zjcyzmd/index.html

Supplementary Notes

No connections found

Answered by 1 anonymous expert, and has been reviewed by Sorin Ionita

Answer

Supporting Evidence

No Evidence Found.

Answered by Gubad Ibadoghlu and Vusal Guliyev, and has been reviewed by Ani Kintsurashvili

Answer

Not Found

Supplementary Notes

No any information found in that regard.

Answered by 1 anonymous expert, and has been reviewed by Salome Svanidze

Answer

Supporting Evidence

No such incident occurred.

Answered by Hernan Alberro, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

No such incident occurred.

Answered by Hernan Alberro, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

No direct evidence found.

Supplementary Notes

Link not sure People’s Bank of China On March 25, and the Central Bank of Armenia signed a bilateral local currency swap agreement of RMB 1 billion yuan/AMD 77 billion.

1. https://www.caixinglobal.com/upload/PBOC-2020-RMB-International-Report.pdf

Answered by Artak Kyurumyan, and has been reviewed by Ani Kintsurashvili and Mariam Usenashvili