The Industrial and Commercial Bank of China ( ICBC ) Singapore has completed its first clearing of RMB 35 crore ( $ 5.5 m ) via the vertically - integrated Interbank clearing System ( CIPS ) , marking the first in Asia to be cleared through the newly - launched scheme , and part of a major move to expand its operations .
The Industrial and Commercial Bank of China (ICBC) Singapore has completed its first clearing of RMB 35m ($5.5m) via the Cross-border Interbank Payment System (CIPS), marking the first in Asia to be cleared through the newly-launched system, and part of a major move to internationalise its currency.