The Chinese subsidiary of Singapore’s DBS Bank has launched a merchant collection solution for China’s e-CNY central bank digital currency (CBDC).
Only a small number of Chinese banks have direct access to the digital yuan central bank system, with others working indirectly. In this case DBS is working with UnionPay Merchant Services. UnionPay is the state owned organization that is the main provider of bank card services in China. Its role is similar to Visa and Mastercard.
“We received strong interest from several clients for the solution since its launch, and we are pleased to have completed the first e-CNY collection for a client – a catering company in Shenzhen,” said Ginger Cheng, CEO of DBS Bank (China).
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
