CIPS Co., Ltd. (hereinafter referred to as the Company) conducts business under supervision and administration of the People’s Bank of China (PBC), in accordance with rules and regulations including Business Rules on Cross-border Interbank Payment System（CIPS）, Guidlines on Business Operation of CIPS, CIPS Participants Agreement, etc. The Company takes full charge of operation, maintenance and development of the CIPS, service rendering to CIPS participants, innovation of products, implementation of standards, expansion of markets and more. The Company facilitates services covering cross-border RMB clearing and settlement, data processing, IT support, other services entrusted by shareholders and other business and services approved by the PBC to domestic and overseas financial institutions and other entities authorized by the PBC.

To accommodate the evolving cross-border RMB business, meet global need for RMB asset allocation and better serve the global use of RMB, against the backdrop of the financial opening-up of China, the PBC approved the Company’s plan of capital increase and introduction of overseas investors in March, 2018. A total of 36 domestic and overseas financial institutions jointly signed a capital increase agreement in July, 2018. On December 3rd, 2019, the first meeting of the Company’s shareholders was held in Shanghai, with delegates from all 36 shareholders attending, followed by the first meeting of its Board of Directors.

With the goal of “wherever there is RMB, there is CIPS service”, the Company is committed to becoming even more market-oriented, professional and international and providing diversified services and products to meet the needs of different institutions at different levels.