On August 4, 2015, the RMB clearing bank of ICBC in Singapore announced formal introduction of the 24-hour uninterrupted RMB clearing service mode covering three time zones (Asia, Europe and America), creating a bank with the longest RMB clearing service hours in the world, further consolidating and elevating the position of Singapore as an offshore RMB center.

According to statistics, the RMB clearing business of ICBC Singapore Branch has rapidly grown since the Branch was authorized by the People’s Bank of China (PBOC) in 2013 to serve as the RMB clearing bank in Singapore. In the first half of 2015, it handled RMB clearing transactions worth RMB 27 trillion for various participating banks.

ICBC has been authorized by the PBOC to act as the RMB clearing bank in five countries, i.e. Singapore, Luxembourg, Canada, Thailand and Qatar, becoming the first commercial bank with RMB clearing bank qualification in Asia, Europe and America, which creates favorable conditions for ICBC to optimize its global RMB clearing network. By leveraging the Group’s advantages as clearing bank in three time zones, ICBC Singapore Branch launched 24-hour uninterrupted RMB clearing service. Meanwhile, the Branch, through cooperation among business teams in different countries, may provide RMB clearing service for participating banks during festivals and holidays in Singapore, facilitating their payment business.