The Industrial and Commercial Bank of China (ICBC) Yangon Branch has started operating the Cross-Border Interbank Payment System (CIPS) for cross-border transactions in Myanmar and China according to the statement issued by the Chinese Embassy in Myanmar.

The ceremony was held in Yangon on November 1. It was attended by Chinese ambassador to Myanmar Mr. Chen Hai, Governor of the Central Bank of Myanmar (CBM) Daw Than Than Swe, CEO of Yangon Bank Branch Mr. Liu Ming, Managing Director of CITIC Group Mr. Liang Chuanxin, Chairman of the Myanmar Banks Association Daw Khin Saw Oo, Chief Executive Officer of KBZ Bank U Zaw Lin Aung,  and representatives of Myanmar's financial sector.

Chinese ambassador to Myanmar Mr.Chen Hai said that after establishing use of Yuan at the China-Myanmar border in 2021, CIPS system was practiced in Myanmar. It is another milestone between the China-Myanmar cooperation and represents increase use of Chinese currency in Myanmar. It is beneficial for strengthening cooperation between two countries in banking sector, and promoting China-Myanmar trade investment. He hopes people from China and Myanmar will implement the agreement obtained from the Belt and Road Forum and enhance development of economy of the two countries.

CBM governor Daw Than Than Swe said that the ICBC has been granted as the first direct bank membership in cross-border interbank payment system-CIPS. Domestic banks will be able to perform as indirect participants in cross-border payment system through connecting CBM NET system and CIPS system.  It can gain benefits in cross-border payment system between the two countries, such as smooth of payment, cost-effectiveness, easier accounting process and more security.

 She hopes representatives from China-Myanmar will use CIPS in Myanmar and enter new phase of China-Myanmar bank cooperation.

Yangon Bank Branch of ICBC successfully connected CIPS system on October 18 and started its first transaction on October 23.