The convergence of digital currency and cross-border payments is reshaping the global financial landscape. With central banks and financial institutions accelerating their digital transformation, blockchain-powered solutions are emerging as a game-changer in addressing long-standing inefficiencies in international transactions—such as high fees, slow settlement times, and complex compliance requirements.
At the heart of this evolution are stablecoins and central bank digital currencies (CBDCs), which combine the stability of fiat money with the speed and transparency of blockchain technology. Recently, Hong Kong’s Legislative Council passed the Stablecoin Ordinance Bill in third reading on May 21, 2025, marking a pivotal step toward establishing a licensing regime for fiat-backed stablecoin issuers in the Special Administrative Region. This regulatory advancement signals growing institutional confidence and sets the stage for broader adoption across Asia and beyond.
Meanwhile, the U.S. Congress is advancing two key stablecoin legislative proposals, reflecting a global trend toward structured oversight. As digital currencies gain legitimacy, companies at the forefront of infrastructure development—ranging from IT service providers to payment platforms—are positioning themselves to capitalize on this transformative shift.
👉 Discover how top innovators are redefining global finance with next-gen payment solutions.
Key Players Driving Innovation in Digital Currency & Cross-Border Payments
1. Sifang Jinchuang
Focus Area: Banking IT Services & Cross-Border Payment Solutions
Sifang Jinchuang is a core contributor to the Multilateral Central Bank Digital Currency Bridge (mBridge) project, an initiative led by central banks across multiple countries to enable seamless cross-border settlements using CBDCs. The company provides critical technical support in digital wallet integration and settlement systems.
Its modular “Lego-style” system architecture enhances flexibility and scalability, allowing easy interoperability with both traditional financial networks and emerging digital currency infrastructures. This positions Sifang Jinchuang as a vital enabler of future-ready banking ecosystems.
2. LAKALA
Core Business: Payment Services, Including Cross-Border Transactions
LAKALA has demonstrated strong growth in international payments, with an 80% year-on-year increase in cross-border clients in 2024. Merchant count and transaction volume surged by 76% and 85%, respectively.
Authorized by China’s State Administration of Foreign Exchange (SAFE), LAKALA’s payment network spans over 100 countries and integrates with major e-commerce platforms like Amazon and eBay—making it a go-to solution for exporters and online sellers.
3. Jingbei North (Jingbei Bei Fang)
Focus Area: Financial IT Services & CBDC Collaboration
Jingbei North collaborates closely with major state-owned banks on digital RMB projects, particularly in cross-border payment scenarios. Its comprehensive suite of financial IT solutions supports backend processing, compliance, and integration with national digital currency frameworks.
As a participant in the mBridge initiative, the company leverages its deep domain expertise to deliver secure and scalable systems that meet evolving regulatory standards.
4. Feitian Technologies
Specialization: Cryptographic Security & Digital Identity Verification
Security is paramount in digital finance, and Feitian Technologies excels in protecting sensitive data through patented blockchain-based identity authentication technologies. It plays a crucial role in managing cryptographic keys for banks' digital RMB wallets.
Its F310 smart POS terminals are certified by UnionPay, Visa, and Mastercard—ensuring global compatibility and trust. These capabilities make Feitian a key enabler of secure cross-border payment services.
5. Huafeng Microelectronics (via Weifu Tong Subsidiary)
Focus Area: Mobile Payment Backend Systems & Digital Currency Pilots
Through its subsidiary Weifu Tong, Huafeng Microelectronics supports DCEP (Digital Currency Electronic Payment) testing for domestic and overseas financial institutions. It has developed and operated cross-border collection and mobile payment systems for several well-known international banks.
This international experience strengthens its position as a bridge between Chinese fintech innovation and global banking needs.
6. Newland Payment Technology
Focus Area: Payment Terminal Equipment & Real-World Applications
Newland offers a full range of intelligent payment devices compatible with digital RMB transactions. As a recurring exhibitor at the Digital China Summit, the company showcases cutting-edge applications of digital currency in retail, logistics, and international trade.
By providing reliable hardware infrastructure, Newland ensures smooth user adoption and seamless integration into existing payment environments.
7. Yucheng Technologies
Focus Area: Banking IT Systems & Digital RMB Cross-Border Support
Yucheng is deeply involved in building mid- and back-office systems for major Chinese banks’ digital currency operations. It supplies modules for account management and anti-money laundering (AML) compliance while supporting upgrades to the central bank’s cross-border digital RMB infrastructure.
With increasing demand for compliant and efficient international settlements, Yucheng stands to benefit significantly from ongoing CBDC expansion.
8. Qingdao Bank
Core Business: Integrated Banking Services
Qingdao Bank reported a 20.16% year-on-year increase in net profit attributable to shareholders in 2024. Notably, it completed Qingdao’s first cross-border RMB transaction using the CIPS (Cross-border Interbank Payment System) standard messenger—a milestone demonstrating its leadership in modernizing domestic financial connectivity.
Its active participation in cross-border payment innovation enhances its strategic value in regional and international finance.
9. A High-Potential Financial Institution
Core Business: Comprehensive Banking Operations
This institution achieved a remarkable 23.31% growth in net profit in 2024. As one of the first direct participants in CIPS, it plays a vital role in advancing RMB internationalization through efficient clearing mechanisms.
Its involvement in national-level payment system construction underscores its influence and long-term potential in shaping the future of cross-border finance.
👉 See how leading financial institutions are integrating blockchain into mainstream banking.
10. Focus Technology
Core Business: End-to-End Foreign Trade Services, AI for Exporters, Cross-Border E-Commerce
Launched in July 2021, Focus Technology’s payment division introduced Global Pay, a one-stop solution for cross-border foreign exchange collection and settlement. Designed specifically for small and medium-sized exporters, Global Pay simplifies compliance, reduces costs, and accelerates fund availability.
As global e-commerce continues to expand, Focus Technology is well-positioned to capture significant market share in digital trade finance.
Frequently Asked Questions (FAQ)
Q: What is a stablecoin and why does it matter for cross-border payments?
A: A stablecoin is a type of cryptocurrency pegged to a stable asset like the U.S. dollar or euro. Its price stability makes it ideal for international transfers where volatility must be minimized—offering faster, cheaper alternatives to traditional wire transfers.
Q: How do CBDCs differ from private stablecoins?
A: Central Bank Digital Currencies (CBDCs) are issued and regulated by national central banks, ensuring legal tender status and full regulatory oversight. Private stablecoins, while useful, operate under different governance models and may carry counterparty risks if not properly backed.
Q: Why is Hong Kong’s Stablecoin Ordinance important?
A: The ordinance establishes a formal licensing framework for stablecoin issuers in Hong Kong, enhancing investor protection and market integrity. It also aligns Hong Kong with global regulatory trends, boosting its credibility as an international fintech hub.
Q: Can these technologies replace SWIFT?
A: While not an immediate replacement, blockchain-based systems like mBridge and upgraded CIPS offer faster settlement (near real-time), lower costs, and improved transparency—gradually challenging SWIFT’s dominance in cross-border messaging.
Q: Are these companies direct investments in digital currency?
A: Most are enablers rather than issuers—they provide the underlying technology, security, compliance tools, or banking infrastructure needed for digital currencies to function effectively at scale.
Q: How soon will digital currency cross-border payments become mainstream?
A: Pilot programs are already live across Asia, the Middle East, and Europe. Widespread adoption is expected within the next 3–5 years as regulations mature and interoperability improves between national systems.
The integration of digital currency and cross-border payments represents one of the most impactful developments in modern finance. The ten organizations highlighted here exemplify excellence in innovation, execution, and market readiness.
From secure hardware terminals to robust backend banking systems, these players form the backbone of tomorrow’s financial infrastructure. As adoption accelerates globally, they are poised to lead the charge in creating a more inclusive, efficient, and transparent global economy.
👉 Stay ahead of the curve—explore how blockchain is transforming international finance today.