IBS(International Business Settlement Holdings Limited, 00147.HK） announced its launch of the platform of the Next Generation Settlement Network in Europe on 6 October 2016. At the same day,  the European Financial Technology (“Fintech”) conference held in Vilnius, Lithuania, which was also attended by a number of central banks in the European, international financial institutions and Fintech organisations. 

The European platform launched by IBS is an important part of the global Next Generation Settlement Network. The platform connects with the real-time gross settlement system of the European Central Bank, which in turns connects directly to approximately 1,007 banks and financial institutions, indirectly with approximately 837 banks and financial institutions, as agent with approximately 5,037 banks and financial institutions over the world. With the various new technologies of the Fintech, such as distributed，blockchain and bigdata. The platform of the Next Generation Settlement Network will be able to assist with the real-time fund settlement and clearing between the euro currency with other currencies.

On 1st of October, the managing director of the International Monetary Fund, Ms. Christine Lagarde, announced that the Chinese renminbi (“RMB”) is to be included in the Special Drawing Rights (the "SDR") basket as the fifth currency, along with the US dollar, the Euro, Japanese yen, and the British pound. This makes RMB becomes one of the international reserve currencies. The weights of RMB in the SDR basket is to be 10.92 percent, which makes the RMB being the third largest currency among the SDR basket. IBS believes that the launch of the European platform will provide the shortest way for settlement and clearing between the Euro and the RMB.

Europe is one of the largest business partners of China. In 2015, the business between China and the European Union reached approximately EUR520 billion. With the implementation of “one belt one road” program of the Chinese Government, it is expected that there will be an increase in business activities between China and the European Union. The launch of IBS platform in the European region is a significant step for the development of the Next Generation Settlement Network globally, especially in countries along the “one belt one road” program.