Yiwu's Gemei Household Appliances Co Ltd, located in the Yiwu International Trade Market, recently achieved a significant milestone by completing its first direct currency settlement for an overseas trade order with the Dubai market through Yiwu Pay.

This achievement follows last year's pioneering cross-border renminbi (RMB) transaction between Yiwu and Saudi Arabia, marking another substantial leap forward in Yiwu's exploration of cross-border settlements.

The transaction involved a shipment of household appliances from Yiwu to Dubai. Upon the goods' arrival in Dubai, the overseas buyer transferred the payment to a Dirham local account established through cooperation between Yiwu Pay and the Industrial and Commercial Bank of China (ICBC) Abu Dhabi Branch. Subsequently, funds were swiftly allocated through the bank's internal system, completing the payment settlement transaction on the Yiwu Pay online digital payment platform.

Cai Zhenghao, head of Gemei Household Appliances, expressed his satisfaction with the streamlined process facilitated by Yiwu Pay. He highlighted significant improvements in efficiency and transparency compared to traditional channels, which involved multiple banks, lengthy processing times, exchange rate risks, and additional procedural costs.

Dubai serves as the gateway to the Middle East and is the largest trading hub for Yiwu manufacturing in the region. The implementation of cross-border payment services by Yiwu Pay and ICBC Abu Dhabi Branch not only integrates Yiwu's services into the new domestic and international dual circulation development pattern, but also serves as another valuable experiment by Yiwu Pay in establishing new channels for cross-border RMB payments.

Yiwu Pay, a licensed third-party payment company, currently supports the receipt of 25 major currencies worldwide.