ICBC's Singapore branch has successfully tested the ability to top up personal digital yuan wallets from overseas, allowing users in Singapore to deposit funds into their local ICBC accounts for use while traveling and spending in China.
The trial, conducted under the joint guidance of the Institute for Digital Currency Research of the People's Bank of China and the Monetary Authority of Singapore, is XEM as the next step in ICBC's cross-border application of digital currency.
- ICBC Singapore is testing the top-up of digital yuan wallets from overseas.
- Singaporean users top up their domestic ICBC accounts to spend in China.
- Supporting China-Singapore financial cooperation, following the pilot program for import and export payments.
Testing the top-up of digital yuan wallets in Singapore.
ICBC Singapore has launched a pilot program allowing Singaporean users to top up their personal digital yuan wallets through their local ICBC accounts.
The program is implemented under the guidance of the Digital Currency Research Institute of the People's Bank of China and the Monetary Authority of Singapore. A key feature is the mechanism for depositing funds from outside China into the digital yuan wallet to meet practical needs while traveling.
After topping up, users can use the digital yuan for travel and consumption within China. The original content does not specify volume, top-up limits, or the number of participants in the trial.
Impact on cross-border cryptocurrency applications and financial collaboration.
ICBC describes this as an innovation in the cross-border application of the digital yuan, following the pilot program for import and export payments using the digital yuan.
The addition of a personal wallet top-up channel from Singapore via local ICBC accounts expands the usage scenario from businesses to individual users, focusing on direct spending while in China.
According to the original text, this initiative is expected to deepen financial cooperation between China and Singapore. The article does not provide a timeline for widespread implementation or scope beyond ICBC's Singapore branch.

