To meet the demands of promoting market-oriented operation of cross-border payment services, the People’s Bank of China decided to build the China International Payment Service Corp. (“CIPS Operator” hereinafter) which is responsible for running the Cross-Border Interbank Payment System (“CIPS” hereinafter). The CIPS Operator, a corporate entity, incorporated on 31st July, 2015 in Huangpu District, Shanghai, which specializes in cross-border RMB clearing and settlement services for participants at home or abroad under supervision and administration of the People’s Bank of China. CIPS Operator takes full charge of system operation and maintenance, service rendering to participants and business expansion of the CIPS (Phase I).
