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.
In a separate overseas move, Chinese press reported that Singapore cross border payments firm Thunes was collaborating with China Construction Bank on Digital RMB. The objective is for cross border e-commerce, helping Chinese SMEs collect payments using the digital renminbi. Additionally there will be outbound cross border remittances for Chinese students abroad. The report cited a discussion with Thunes personnel.
However, the succinct Thunes announcement mentioned China Construction Bank and cross border payments without referencing the digital RMB.
Meanwhile, the digital RMB is being used to settle cross border transactions, including the first payment for crude oil in October.