Standard Bank Group has become the first African bank to participate directly in China's Cross-Border Interbank Payment System (CIPS), marking a major milestone in facilitating Africa-China trade and cross-border transactions.

The system is designed to provide a more efficient, low-cost and convenient way to conduct international Renminbi (RMB) payments and serves as an alternative to the global SWIFT network for yuan-denominated transactions.

Standard Bank said the service, which is already live in South Africa, will be extended to other markets, including Malawi, in the near future. Through CIPS, the bank will enable cross-border payments in Chinese Renminbi, reducing transaction friction and accelerating settlement times.

The bank noted that the innovation strengthens Africa's connectivity with China, the continent's largest trading partner, while supporting businesses involved in import and export trade.

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Speaking at the announcement, Standard Bank Group Chief Executive Phillip Madinga said the move reflects the bank's commitment to simplifying trade and unlocking opportunities for businesses and individuals.

"We have always embraced a pioneering spirit to deliver solutions that meet our clients' evolving needs and support economic growth," Madinga said.

According to Standard Bank Group, joining CIPS reinforces its role in connecting Africa to global trade corridors and creating solutions that empower businesses to thrive in a rapidly evolving economic landscape. The achievement also highlights the bank's leadership in financial innovation and cross-border payment enablement.