On March 29, 2016, the launching ceremony of the RMB Internationalization Research Center jointly established by the China Center for Financial Training under the People's Bank of China (PBOC) and the Nangyang Business School under the Nanyang Technological University was held in Beijing. ICBC and United Overseas Bank offered support to and participated in preparations for establishment of the Center. Guests including Singaporean Ambassador to China Stanley Loh Ka Leung, Deputy Director of the Monetary Policy Department II under the PBOC Zhou Chengjun, Chief Representative of the Monetary Authority of Singapore in Beijing Zeng Sihong, Director of the China Center for Financial Training under the PBOC Dr. Wan Cunzhi, Dean of Nangyang Business School Professor Ravi Kumar jointly witnessed the launch of the center.

At the launching ceremony, head of ICBC Singapore Branch said that as the largest bank in China and the RMB clearing bank in Singapore, ICBC undertakes a special responsibility in promoting development of the RMB internationalization and building Singapore into an offshore center. In 2015, ICBC become the first financial institution with its overseas RMB clearing banks spanning Asian, European and American time zones and basically built a 24-hour continuous running system for offshore RMB clearing business with the Singapore clearing bank as the center. Since its opening in May, 2013, the clearing bank has accumulatively seen more than RMB110 trillion of clearing volume. ICBC is full of confidence in RMB internationalization and the prospect for development of the offshore RMB in Singapore. The Nangyang Business School under the Nanyang Technological University is the globally first to set up the RMB Internationalization Research Center, showing its confidence in outlook for the RMB internationalization. In the future, the Bank will vigorously support construction of the Center and also hopes that the Center can become an international platform for governments, commercial organizations, financial institutions, academic groups at all levels to understand trend and progress of the RMB internationalization and a platform for their information exchanges and discussions, and training and learning.