Banco Millennium Atlântico recently became the first Angolan financial institution to join the Cross-Border Interbank Payment System (CIPS) as an indirect participant. CIPS is a Chinese financial market infrastructure that provides clearing and settlement services for cross-border payments in renminbi.

The bank’s participation is expected to strengthen financial links between Angola and China by enabling it to process transactions in the Chinese currency more efficiently. The move should facilitate payments arising from trade relations between the two countries and improve services for clients with business links to China.

The bank already processed renminbi payments through correspondent banks. Its participation in CIPS will further strengthen this capacity and streamline transactions amid the growing use of the Chinese currency in international trade.

Yannick Machado, Finance Director of Banco Millennium Atlântico, highlighted the importance of trade relations between Angola and China. He said that participation in the system would enable the bank to strengthen support for clients connected to the Chinese market and contribute to the greater integration of Angola’s financial sector into international payment networks.

(Source: Angola 24 Horas, 27 July)