Seen Here: Richard de Roos, Head of Operations for Corporate & Investment Banking at Standard Bank, speaking on the bank’s historic authorisation as the first African institution to clear Renminbi transactions, highlighting its role in advancing efficient, transparent and cost-effective cross-border payments between Africa and China. Photo Credit: Supplied
Johannesburg, 26 June 2026 — In a landmark development for Africa’s financial and trade architecture, Standard Bank has been jointly authorised by the People’s Bank of China (PBoC) and the Industrial and Commercial Bank of China (ICBC) to clear Renminbi (RMB) transactions across the continent.
The authorisation positions Standard Bank as the first Africa-based financial institution to receive RMB clearing status, marking a significant milestone in the deepening financial integration between China and Africa.
A Continental First in Renminbi Clearing
Under the new arrangement, Standard Bank and ICBC will operate jointly as the “Renminbi Clearing Bank of Africa”, enabling RMB clearing operations across 19 African countries.
The designation is historic in multiple respects. It is the first RMB clearing bank named after an entire continent and the first globally to be jointly operated by two commercial banks.
The move significantly expands Africa’s access to China’s financial infrastructure, enhancing the efficiency of cross-border payments, trade settlement and liquidity flows between the two regions.
Expanding Access to China’s Financial System
RMB clearing bank status provides direct access to China’s onshore financial ecosystem, including participation in capital markets, liquidity channels and advanced payments infrastructure.
This follows Standard Bank’s earlier milestone in November 2025, when it became the first African bank authorised to participate in China’s Cross-Border Interbank Payment System (CIPS) — a key platform facilitating international RMB transactions.
Together, these developments position Standard Bank at the centre of evolving payment rails connecting African markets with the world’s second-largest economy.
Strengthening Africa–China Trade Infrastructure
Standard Bank’s leadership in RMB clearing comes at a time when China remains Africa’s largest trading partner, both in imports and exports.
According to the latest Standard Bank Africa Trade Barometer, Asian markets are increasingly becoming preferred trade partners for African businesses, with 35% of respondents favouring Asian countries — up from 24% in 2024.
China continues to dominate as a source of imported inputs, cited by 67% of surveyed businesses, driven by competitive pricing, product diversity and supply chain reliability.
A Strategic Shift in Cross-Border Payments
Speaking on the development, Richard de Roos, Head of Operations for Corporate & Investment Banking at Standard Bank, said the authorisation underscores the bank’s central role in shaping the future of cross-border payments between Africa and China.
He noted that payments remain the foundation of global banking relationships and highlighted the importance of building efficient, transparent and cost-effective systems to support growing trade flows.
“This status speaks to our purpose of promoting the continent’s growth and meeting our clients where they need us most,” said De Roos. “We are at the forefront of the payments evolution, and this new capability will significantly improve how businesses transact between China and Africa.”
Boosting Trade Efficiency and Investment Flows
The establishment of the RMB Clearing Bank of Africa is expected to streamline transaction costs, reduce settlement delays and improve access to liquidity for African corporates engaged in China-linked trade.
By integrating more deeply into China’s financial infrastructure, African businesses are expected to benefit from faster, more predictable and more transparent cross-border payment systems.
Analysts say the move also strengthens Africa’s ability to attract investment from Chinese institutions by reducing friction in currency conversion and trade settlement processes.
A Growing Financial Corridor Between Two Economies
The development reflects a broader structural shift in global trade, as emerging markets deepen financial cooperation and reduce reliance on traditional Western-dominated payment systems.
With China continuing to serve as Africa’s largest export destination and a critical source of industrial inputs, the expansion of RMB clearing capabilities is expected to further accelerate trade volumes and investment flows between the two regions.
Standard Bank says it expects demand for RMB-based financial services to continue rising as African businesses increasingly engage with Asian supply chains and capital markets.
Positioning Africa in the Future of Global Finance
As Africa’s largest bank by assets, Standard Bank’s new status marks a strategic leap in its ambition to position itself at the centre of continental trade finance and global payment innovation.
The RMB clearing mandate not only strengthens its relationship with ICBC and Chinese financial institutions but also reinforces Africa’s growing role in shaping the future of international trade architecture.
With this milestone, Standard Bank has firmly placed itself at the intersection of two of the world’s most dynamic economic regions — Africa and China — as cross-border trade enters a new era of speed, scale and financial integration.
