The global fintech and payments landscape continues to evolve rapidly, with governments, financial institutions, and tech innovators pushing the boundaries of cross-border commerce, digital currencies, and financial inclusion. This week’s roundup highlights critical developments—from China’s latest trade support policies and digital RMB expansion to the rising role of stablecoins in international payments and central bank innovations worldwide.
🌍 China Unveils New Measures to Boost Foreign Trade
On November 21, China’s Ministry of Commerce announced nine key policies aimed at stabilizing foreign trade growth, with a strong focus on optimizing cross-border trade settlement. The measures include guiding banks to improve overseas networks and enhance services for companies expanding internationally.
A cornerstone of the policy is reinforcing RMB exchange rate stability at a reasonable and balanced level. Financial institutions are also encouraged to offer more currency risk management tools, helping exporters and importers better navigate global volatility.
This move comes amid growing demand for seamless cross-border infrastructure—especially as Chinese exporters face shifting global dynamics and increasing competition in emerging markets.
💼 Digital Yuan Gains Momentum in Cross-Border Settlements
China’s central bank digital currency (CBDC), the digital yuan, is making significant strides in real-world applications.
- Bank of China Shanghai Branch has completed multiple cross-border settlements via the m-CBDC Bridge, a multilateral platform connecting central banks for instant, secure transactions.
- It has also supported Free Trade Account (FTA) settlements and launched a digital RMB project with BNP Paribas (China), enabling foreign financial institutions to integrate digital yuan services.
- Meanwhile, Bank of Communications Shanghai Branch executed its first capital project settlement using the currency bridge—transferring 136 million RMB instantly to a mainland subsidiary of a Hong Kong-listed multinational group.
These developments signal a strategic push to expand the digital yuan’s role in global trade finance, potentially reducing reliance on traditional SWIFT-based systems.
📉 RMB’s Global Payment Share Drops for Third Consecutive Month
Despite domestic progress, the Renminbi’s global footprint has contracted. According to SWIFT data, the RMB accounted for 2.93% of global payments in October 2024, down from 3.61% in September—a third straight monthly decline.
While still ranked as the fifth most active currency, the 16.35% drop in RMB payment volume contrasts sharply with a 3.16% increase across all currencies. Analysts attribute this to weaker trade sentiment and stronger alternatives like the US dollar and euro in international invoicing.
This trend underscores the challenge China faces in internationalizing its currency—even as it advances technologically through CBDCs and new trade facilitation tools.
🔗 Global Payment Networks Expand: Swift, Stablecoins & Instant Systems
PingPong Joins Swift Network
Global payment platform PingPong has officially become a member of SWIFT, allowing direct access to its secure messaging system. This integration enhances cross-border communication between banks and merchants, offering faster and more reliable transaction processing for e-commerce businesses.
Stripe Enables B2B Stablecoin Invoicing
In a major leap for blockchain adoption, Stripe now allows businesses to issue invoices payable via stablecoins. Announced by CEO Patrick Collison, this feature addresses high demand for efficient B2B crypto payments. Users can create invoices that accept stablecoin settlements—streamlining international supplier payments without traditional banking delays.
👉 Explore how stablecoin transactions are transforming business-to-business payments globally.
PayPal Expands Xoom with Stablecoin Cross-Border Transfers
PayPal is leveraging its PayPal USD (PYUSD) stablecoin through its Xoom remittance service. Partners like Cebuana Lhuillier (Philippines) and Yellow Card (Africa) are already using PYUSD for faster, lower-cost international transfers—marking a pivotal moment in mainstream stablecoin adoption.
🌐 Regional Instant Payment Systems Accelerate Integration
- Nexus Project: Led by Malaysia’s central bank and the BIS, this initiative connects instant payment systems (IPS) across Malaysia, Singapore, Thailand, Philippines, and India, aiming for full deployment by 2027.
- Spain Joins EPC’s One-Leg Out Scheme: Spanish banks now support instant cross-currency payments via Iberpay under the European Payments Council framework.
- Wero Launches in Belgium: The European Payment Initiative’s (EPI) new service Wero replaces Payconiq, aiming to compete with Visa, Mastercard, and PayPal using local banking infrastructure.
These moves reflect a broader trend toward real-time, low-cost domestic and regional payment rails, reducing dependency on global card networks.
🏦 Regulatory Shifts Shape the Future of Digital Finance
US Tightens Oversight on Tech Payment Apps
The Consumer Financial Protection Bureau (CFPB) finalized rules regulating large non-bank firms offering digital wallets and money transfer apps—targeting companies like Apple Pay, Google Pay, and fintechs processing over 13 billion transactions annually. The goal: ensure consumer data privacy and prevent fraud with bank-level scrutiny.
UK Names FCA as Lead Payments Regulator
Under its new National Payments Vision (NPV), the UK government designates the Financial Conduct Authority (FCA) as the central body overseeing payment regulation—streamlining oversight and boosting innovation while enhancing security.
Saudi Arabia & Libya Update E-Wallet Rules
- SAMA (Saudi Central Bank) introduced new regulations for e-wallet operators covering KYC, inactive account management, and service security.
- Libya’s Central Bank (CBL) slashed POS transaction fees from 3.75% to between 1% and 1.5%, aiming to promote card usage and reduce cash dependence.
🚀 Innovation & Expansion in Emerging Markets
- Airwallex Launches Startup Support Program in New Zealand: The fintech offers mentorship, resources, and a chance to win NZD 10,000 in funding for local startups.
- Egypt Approves InstaPay for Inbound Remittances: Users can now receive international transfers via InstaPay, with funds settled in Egyptian pounds.
- Atome Secures $200 Million Credit Facility: The Singapore-based BNPL provider raised funds led by HSBC, supported by DBS, SMBC, and others—fueling regional expansion.
- Paytm Launches UPI International: Indian travelers can now use UPI in the UAE, France, Singapore, Nepal, Bhutan, and Mauritius—boosting outbound digital payments.
- Klarna Integrates with Google Pay (US): Starting next year, US users can use Klarna’s interest-free installment plans directly at checkout via Google Pay.
✅ Frequently Asked Questions (FAQ)
Q: Why is the RMB’s global payment share declining?
Despite China’s efforts to internationalize the yuan, structural factors such as limited capital account convertibility, geopolitical tensions, and preference for USD in trade invoicing continue to constrain its global use. The recent drop reflects both lower transaction volumes and increased competition.
Q: What is the m-CBDC Bridge and why does it matter?
The multilateral Central Bank Digital Currency Bridge connects central banks for instant cross-border settlements using digital currencies. It reduces settlement times from days to seconds and could eventually offer an alternative to SWIFT—especially among participating nations.
Q: How do stablecoins improve cross-border payments?
Stablecoins like USDC or PYUSD offer near-instant settlement, lower fees, and 24/7 availability compared to traditional banking systems. They’re especially valuable for remittances and B2B transactions where speed and cost-efficiency are critical.
Q: Are digital wallets becoming more regulated globally?
Yes. Countries like Saudi Arabia, India, and the US are tightening rules around e-wallets to combat fraud, ensure KYC compliance, and protect consumer data—reflecting growing mainstream adoption and systemic importance.
Q: What impact do instant payment systems have on global finance?
Regional instant payment networks reduce friction in domestic and cross-border transactions. When interconnected—like in the Nexus Project—they lay the foundation for a decentralized, efficient global payment ecosystem less reliant on legacy systems.
🔑 Core Keywords
digital yuan, stablecoin payments, cross-border transactions, SWIFT RMB share, instant payment systems, CBDC bridge, digital wallet regulation
With advancements in CBDCs, stablecoins, and instant payment rails, the future of global finance is being reshaped at an unprecedented pace. As traditional systems adapt and new players emerge, agility and compliance will define success in the next era of international payments.
👉 Stay ahead of the curve by exploring cutting-edge tools that empower seamless global transactions.