Xiamen Shumaotong Platform's booth at CIFIT. [Photo provided to ftz.xm.gov.cn]
The Xiamen Shumaotong (Digital Trade) Platform went live for commercial use on Sept 9 at the Xiamen International Expo Center, where the city also unveiled an innovation initiative for cross-border e-CNY services called "Token Going Global".
The platform is a flagship municipal initiative for cross-border trade using e-CNY, tackling long-standing pain points in cross-border settlement — high fees, slow transfers, cumbersome procedures, and hard-to-manage risk — through the Cross-border e-CNY Transfer Services (CBETS) Platform.
Together with commercial banks and payment providers, it delivers one-stop digital financial and trade support for exporters and cross-border e-commerce businesses.
As a cross-border payment infrastructure for the digital yuan, CBETS supports both blockchain-based and centralized transaction switching and payment settlement, and can load smart contracts on demand for automated payments.
Xiamen Shumaotong Platform's booth at CIFIT. [Photo provided to ftz.xm.gov.cn]
The Xiamen Shumaotong Platform brings digital finance and digital trade together in a single system, enabling faster payments and trusted data as a new path for cross-border settlement.
At the launch, it walked through the entire cross-border payment process, from order submission to funds hitting the account. Settlement is T+0 — same-day arrival — while the system automatically verifies the flow of goods, information, and funds, keeping every step traceable.