ICBC China’s biggest bank and e-commerce giant JD.com have worked together to develop a supply chain finance solution based on digital RMB smart contracts. To date, the emphasis has been on consumer CBDC smart contracts, so this is one of the first business applications.
This raises an interesting question: how does the broader smart contract ecosystem work, given they trigger central bank digital currency (CBDC) payments? And a much bigger question: What does this mean for the future of banking?
Earlier this month, JD.com was involved in the first supply chain finance credit that was entirely automated using digital RMB. CBDC aside, supply chain finance solutions often involve a large company working with its bank to supply credit to its suppliers.
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