Today Standard Chartered in China said it is amongst the first foreign banks to take part in the digital yuan business pilot. It has started providing digital RMB exchange and redemption services via City Bank Clearing.
The Chinese arm of BNP Paribas started offering wallet services to corporate clients in May. And in July the Chinese arm of Singapore’s DBS Bank launched a merchant collection solution for the eCNY.
“Standard Chartered is optimistic about the development prospects of (the) digital renminbi and looks forward to continuously expanding the application scenarios of (the) digital renminbi, including cross-border merchant payments, trade financing and supply chain financing,” said Zhang Xiaolei, President of Standard Chartered China.
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