- Standard Chartered joins China’s e-CNY digital currency pilot program.
- Bank offers digital yuan services through City Bank Clearing Services partnership.
- China’s digital wallets hit 120 million, transactions surpass 1.8 trillion yuan.
Standard Chartered has declared its participation in the e-CNY CBDC pilot program, China’s digital currency. The bank is among the first international financial institutions to engage with China’s developing digital currency landscape.
Customers of Standard Chartered will have access to a range of services related to the digital yuan through their partnership with City Bank Clearing Services Co.
More Than Just Simple Transfers
Customers can utilize these platforms to purchase, exchange, and cash in digital yuan straight from their banking accounts. Having operated in China for a considerable duration, Standard Chartered’s President Xiaolei Zhang has expressed the institution’s belief in the potential of the digital renminbi.
Standard Chartered engages in more than just straightforward financial transactions. The bank is exploring opportunities in areas such as cross-border retail payments and financing for trade and supply chains as a participant in the e-CNY central bank digital currency initiative. Such involvement indicates a broader interest in the potential applications of digital currencies within the international financial and commercial spheres.
Standard Chartered previously participated in the “Multilateral Central Bank Digital Currency Bridge” initiative in Hong Kong. The project’s main objective was to make the settlement of cross-border payments easier for corporate and individual clients.
Since introducing the e-CNY in 2020, China has made significant progress in encouraging the adoption of its digital currency. The number of digital wallets has reached 120 million, and the cumulative value of digital yuan transactions has exceeded 1.8 trillion yuan ($253.6 billion). The rapid expansion of digital currencies underscores their capacity to transform the worldwide financial system.
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