An overseas institution that does not maintain a clearing account in the People's Bank of China's High-Value Payment System (HVPS) may apply to become a direct participant by entrusting an eligible direct participant to act as its fund custodian bank. The fund custodian bank refers to a bank-type direct participant that provides CIPS account funding and related liquidity services for other direct participants.
The overseas direct participant and the fund custodian bank shall sign a relevant service agreement. To establish a funding custodian relationship, the following materials should be submitted to Cross-border Interbank Payment System (CIPS) Co., Ltd.:

1.Registration Form;
2.A copy of the relevant service agreement with the fund custodian bank;
3.Other materials required by Cross-border Interbank Payment System (CIPS) Co., Ltd.

The submission of the relevant materials should, in principle, be completed no later than three months after the direct participant and Cross-border Interbank Payment System (CIPS) Co., Ltd. have signed the Cross-border Interbank Payment System (CIPS) Participant Service Agreement.