According to a report by Securities Times, Yiwu Pay and the Zhejiang Branch of Industrial and Commercial Bank of China jointly launched a new digital yuan cross-border e-commerce payment solution on June 16. The launch was carried out under the guidance of the Digital Currency Institute of the People’s Bank of China and the Zhejiang Branch of the People’s Bank of China.
The solution is built on the “Shubida” cross-border settlement service system, also referred to as CBETS, which was established through the digital yuan international operation center. It is also deeply integrated with the multi-CBDC Bridge system, known as mBridge. The reported structure brings together a commercial bank, a payment institution, and digital yuan cross-border infrastructure in one coordinated implementation.
CBETS and mBridge Work Together
Under the guidance of the Digital Currency Institute, the mBridge system and the CBETS “Shubida” system jointly support ICBC’s “Cross-border e Diantong” service and the merchant network of Yiwu Pay. The report said this dual-system collaboration is designed to address shortcomings of traditional telegraphic transfers in scenarios such as small-value, high-frequency collections and fund visibility.
The cooperation connects ICBC Zhejiang Branch’s cross-border service capabilities with Yiwu Pay’s merchant system, while relying on the underlying digital yuan cross-border settlement infrastructure. In this arrangement, the payment solution is positioned for cross-border e-commerce payment and collection needs rather than as a standalone banking product.
Early-Stage Scaled Pilot for Smaller Merchants
The implementation by ICBC and Yiwu Pay is described in the report as an early-stage scaled pilot of the two-system model for small, medium-sized, and micro cross-border e-commerce businesses. It represents a concrete application of CBETS and mBridge coordination in the cross-border e-commerce sector.
The report also stated that the solution will continue to iterate its scenario adaptation based on the large number of merchant needs in Yiwu, and will gradually support different types of cross-border trade businesses across China. The launch marks the landing of a digital yuan cross-border e-commerce payment solution that combines CBETS, mBridge, ICBC’s “Cross-border e Diantong,” and the Yiwu Pay merchant ecosystem.