An international payment system operationalised this week Monday by Standard Bank placed the financial institution in a position to be the first commercial bank that can make direct transfers to China’s banking system in Renminbi denominated transactions. Known as the Cross-Border Interbank Payment System (CIPS), the Standard Bank Group’s participation became possible after being authorised in November last year, together with the Industrial and Commercial Bank of China, to clear Renminbi transactions across the continent. The Cross-Border Interbank Payment System (CIPS) is China’s international payment infrastructure to clear and settle cross-border Renminbi transactions. Through Standard Bank Group’s participation in the CIPS network, Standard Bank Namibia can now provide local clients with more direct access to China’s payment system. Zhao Weiping, Chinese Ambassador to Namibia; Mr Erwin Tjipuka, Chief Executive of Standard Bank Namibia; and Socrates Dias, Head of Transaction Banking at Standard Bank.