In East China's Shanghai, the trio of Shanghai E&P International, INC and the Shanghai branch of the Bank of Communications are widely said to have achieved a milestone by completing the first cross-border digital yuan payment for marine trade reinsurance fees.

This was done through the China (Shanghai) International Trade Single Window platform for the China Pacific Insurance (Group) Co Ltd and Mitsui Sumitomo Insurance Company, Limited.

The transaction also used E&P International's cross-border electronic invoice exchange platform to share and exchange electronic invoice data.

This innovation allowed cross-border electronic invoices and related transactions documents to be used as support documents, significantly improving the efficiency of cross-border settlements.

The pilot project began with a marine trade scenario and connected the Shanghai International Trade Single Window with the banking system. This enabled a fully online process – from initiating the settlement instruction to the circulation of trade documents – replacing the traditional offline submission.

The new model is said to have provided a more efficient, secure, convenient and intelligent settlement process – marking a significant step in the development of digital currency and financial technology.

Moving forwards, the Shanghai Single Window aims to explore further opportunities in cross-border trade, supply chains and new international trade models.

The goal is to develop marine trade financial applications, pushing the international trade and financial system towards greater digitalization and intelligence.