Yuan Platform Entices Absa as Africa’s Trade With China Thrives
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Absa Group is studying a membership in the Cross-Border Interbank Payment System (CIPS), China's international yuan payment network, a few months after Standard Bank became the first African bank to deal with transactions via this platform. Developed by Beijing as an alternative to the dollar-dominated SWIFT system, CIPS aims to increase the use of the system.
Absa weighs joining yuan platform on thriving China-Africa trade
Absa Group is weighing joining a payments platform that facilitates direct settlement in Chinese currency, to take advantage of growing trade with Africa’s biggest trading partner. The lender plans to integrate with China’s Cross-Border Interbank Payment System, or CIPS, which is Beijing’s global-payments solution for yuan-denominated transactions, according to Abdi Mohamed, chief executive officer of the South African bank’s Kenyan unit. “We ar…
Absa weighs joining yuan payments platform to boost China-Africa trade
Absa's potential move to join the yuan payments platform could reduce Africa's dollar dependency, lowering transaction costs and currency risks. The post Absa weighs joining yuan payments platform to boost China-Africa trade appeared first on Crypto Briefing.
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