The Chinese arm of BNP Paribas has partnered with the Bank of China to launch a digital yuan wallet to support its corporate clients for both offline and online payments. China’s central bank digital currency (CBDC) is referred to as eCNY locally.
Only a few major banks, including the four large state-owned banks, are directly connected to the main CBDC network. So to access the CBDC, all other banks must work via these institutions. The wallet will also support supply chain finance applications and payments to utility companies.
“This collaboration can supplement the Bank’s offline payment collection capabilities and further optimize our clients’ account structure,” said CG Lai, BNP Paribas China CEO, according to Finews.
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