Yiwu Pay, a payment platform developed by the Yiwu Small Commodity City, is officially launched on Feb 20. [Photo/zgyww.cn]

Yiwu Pay, a payment platform developed by the Yiwu Small Commodity City, was officially launched on Feb 20, serving the world's largest small commodity distribution center with over 900,000 market entities in Yiwu and over 2.1 million small- and medium-sized enterprises worldwide.

Payment is a crucial aspect of trade digitization reform and international transactions. Yiwu Pay has a leading risk control system and can monitor every link of the transaction process in real-time, ensuring the safety of funds for market operators while helping Yiwu's foreign trade enterprises adjust to changes in the global industrial structure and strengthening trade competition.

In December 2022, Zhejiang Yite Network Technology Co, located in Yiwu International Trade Market Area 4, received a cross-border Renminbi payment from a Saudi Arabian customer through Yiwu Pay. It was the first RMB cross-border transaction carried out using Yiwu Pay, playing a vital role in promoting trade between China and Arabic countries and boosting the internationalization of the RMB.

In 2022, 176 countries and regions made cross-border RMB settlements worth 56.54 billion yuan ($8.24 billion) with Yiwu, a year-on-year increase of 56.23 percent.

Founded in 2012, Yiwu Pay has a registered capital of 180 million yuan and is a licensed third-party payment institution fully controlled by the Yiwu Small Commodity City. Yiwu Pay has partnered with over 400 banks globally, with business coverage in over 100 countries and regions and 16 major currencies for international payment collection and settlement.