Earlier this week we reported that Standard Chartered China had joined the digital RMB business pilot. However, it looks like they were not the only ones. HSBC China, Hang Seng China and Fubon Bank China have gone into production with the central bank digital currency (CBDC).
This means users can bind their bank cards to the digital RMB app to top up and redeem the CBDC and use it for payments.
At least three other foreign banks are already participating in the pilots. They include BNP Paribas China, which started in May, Singapore’s DBS Bank in July and Thailand’s Kasikornbank earlier this month. All three targeted corporates.
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.
