Yiwu and Saudi Arabia Launch Cross-Border RMB Payment Service

Technology Author: EqualOcean News, Danyun XIAO Mar 29, 2024 06:31 PM (GMT+8)
Yiwu, Zhejiang

On March 27th, Yiwu GeMei Household Appliances Co., Ltd. (义乌市格美家用电器有限公司), located in the second district of Yiwu International Trade City, recently completed its first direct currency settlement foreign trade order with the Dubai market through "Yiwu Pay." This milestone event not only showcases the active position of Yiwu enterprises in global trade but also highlights the international innovation capability of Chinese payment technology.

"Yiwu Pay," Yiwu City's innovative payment solution, launched the industry's first cross-border RMB payment business model in cooperation with the Industrial and Commercial Bank of China Abu Dhabi Branch. This model allows overseas buyers to directly remit payments to a local account set up in cooperation with Yiwu Pay, realize instant fund allocation through the bank system, and then complete the settlement on the Yiwu Pay platform, significantly simplifying the traditional cross-border remittance process, substantially speeding up the fund arrival and transparency of transactions. This breakthrough not only demonstrates the international competitiveness of Yiwu's payment technology but also provides a more efficient and secure payment solution for global trade.

The UAE Dubai is not only an important gateway to the Middle East but also the largest trade distribution center for Yiwu manufacturing in the Middle East region. In 2022, Yiwu City's exports to the UAE reached 13.146 billion yuan, a year-on-year increase of 46.79%. Moreover, the operation of the Dubai Yiwu China Commodity City, jointly developed by the Zhejiang China Small Commodities City Group Co., Ltd., and the Dubai Ports World Group, further deepened the trade exchanges between the two places.

The person in charge of the company, Cai Zhenghao, stated that compared to traditional channels, payments through Yiwu Pay are not only faster but also more transparent and secure in online operations, making him more confident about future business in Dubai. The landing of the cross-border payment business between Yiwu Pay and the Industrial and Commercial Bank of China Abu Dhabi Branch not only signifies an important step in integrating Yiwu's services into the new development pattern of both domestic and international markets but also showcases the innovative efforts of "Yiwu Pay" to actively explore the construction of new channels for cross-border RMB payments.