Bank Mandiri Joins CIPS, Accelerating Indonesia-China Transactions

PT Bank Mandiri (Persero) Tbk has made history as the first Indonesian bank to connect directly to the Cross-Border Interbank Payment System (CIPS). CIPS is an international payment network based on the yuan or Renminbi (RMB) under the authority of the People’s Bank of China (PBoC). Bank Mandiri’s membership as a Direct Participant of CIPS was formalised during a launching ceremony in Shanghai, China, on Thursday, 11 June 2026. The event was attended by Bank Indonesia Governor Perry Warjiyo, People’s Bank of China Governor Pan Gongsheng, CIPS Chairman Wang Hongbo, and Bank Mandiri Operations Director Timothy Utama. This new status makes Bank Mandiri the sole Indonesian bank with direct access to one of the world’s major payment infrastructures, reinforcing the growing financial connectivity between Indonesia and China amid increasing bilateral trade and investment. Through its direct connection to the CIPS network, Bank Mandiri can offer faster, more secure, and transparent RMB-based transaction services for corporate clients and businesses engaged with China. Bank Mandiri Operations Director Timothy Utama stated that becoming a CIPS Direct Participant is a strategic step to strengthen the bank’s international transaction services while supporting Indonesia-China economic relations. “As a Direct Participant of CIPS, Bank Mandiri can deliver more efficient and reliable RMB transaction services, supporting the growth of trade and investment between Indonesia and China, and strengthening the national financial industry’s connectivity with the global payment ecosystem,” he said in an official statement on Friday, 12 June 2026. According to Timothy, direct access to the international RMB payment network allows cross-border transactions to proceed more smoothly compared to conventional mechanisms. This integration is also expected to reduce interbank complexity and enhance transaction settlement certainty. Furthermore, Bank Mandiri has expanded the flexibility of its RMB transaction services by extending the operational hours for international fund transfers, aiming to meet the increasingly dynamic business needs of its customers. “Today’s milestone also strengthens Bank Mandiri’s role as a trusted financial partner for businesses in the international trade sector, by delivering innovative solutions to dynamically address customer needs amidst an increasingly interconnected global economy,” Timothy added. Membership in CIPS also bolsters Bank Mandiri’s support for the implementation of Local Currency Transaction (LCT) frameworks between Indonesia and China, particularly for trade and investment transactions using local currencies. As one of Indonesia’s largest trading partners, China plays a vital role in national export-import activities. The bank, listed under the stock code BMRI, therefore believes that more efficient cross-border payment infrastructure can enhance the competitiveness of Indonesian businesses. Looking ahead, Bank Mandiri plans to expand collaboration with global strategic partners and further develop RMB-based services to solidify its position as a provider of international transaction solutions for its customers. “We believe that stronger financial connectivity will unlock more opportunities for sustainable growth for the business world and the national economy, while deepening Indonesia’s integration with the global economic ecosystem,” Timothy concluded.