Standard Bank Corporate and Investment Banking Makes History with CIPS Transactions
Standard Bank Corporate and Investment Banking has made history by becoming the first authorized bank on the continent to offer transactions through China’s Cross-Border Interbank Payment System (CIPS). This milestone was achieved at this year’s Lujiazui Forum in Shanghai, a prestigious conference that serves as a platform for global financial leaders to discuss international financial cooperation and market opening in China.
The CIPS system will enable interbank payments between Africa and China using the Chinese Renminbi (RMB) as the base currency. This will streamline the process of clearing and settling cross-border payments, eliminating the need to deal with multiple currencies.
Anne Aliker, Group Head of Client Coverage at Standard Bank Corporate Investment Banking, expressed excitement about the bank’s groundbreaking achievement. “As an institution dedicated to driving Africa’s economic growth, we are thrilled to be at the forefront of offering CIPS transactions on the continent. This showcases our commitment to delivering innovative solutions that truly benefit our clients.”
According to Standard Bank’s Trade Barometer 2024, there has been a significant increase in businesses sourcing imports from China, indicating the growing trade relationship between Africa and China. Aliker believes that CIPS will play a vital role in unlocking Africa’s economic potential by facilitating trade, supporting infrastructure development, promoting regional integration, and enabling efficient capital deployment.
Given that China is Africa’s largest export market, the introduction of the CIPS payment system will simplify and expedite transactions between the two regions. Standard Bank aims to continue meeting the evolving needs of its clients by offering flexible solutions that align with the changing payments landscape.
CIPS transactions will be accessible on Standard Bank platforms starting in September 2025, providing a seamless and efficient way for businesses to conduct transactions between Africa and China. This groundbreaking development marks a significant step forward in enhancing financial connectivity and fostering economic growth between the two continents.
