Digital Yuan Platform SuMaotong Launches Commercial Services, Demonstrates T+0 Cross-Border Payment Functionality

The digital yuan platform SuMaotong in Xiamen, China has officially launched its commercial services. This platform utilizes blockchain and centralized systems to support trade payment and settlement, while also providing transaction tracking capabilities. SuMaotong commenced its official commercial services during the 26th China International Investment and Trade Fair, with the Fujian provincial government describing it as an innovative platform for cross-border trade using digital yuan. The platform is based on the comprehensive service platform for cross-border payments, SuBiDa (CBETS), established by the International Operations Center for Digital Yuan, connecting commercial banks and payment institutions to offer various services to foreign trade enterprises and cross-border e-commerce businesses. The core functionality of SuMaotong involves cross-border payments and transaction conversions through SuBiDa, leveraging both blockchain-based and centralized systems. The transaction flow is managed from order submission to fund arrival, allowing tracking of the processing steps and transaction history. Xiamen aims to reduce high costs, slow deposits, and complex procedures associated with cross-border trade payments. During the commercialization event, the cross-border payment process connecting Singapore and Hong Kong was demonstrated, featuring T+0 deposits and transaction tracking. SuMaotong operates as a digital yuan-based service supporting cross-border trade payments for both Chinese and foreign enterprises.

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