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.
“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.
The Hong Kong arm of the bank previously took part in mBridge, the cross border CBDC initiative that includes the central banks of China, Hong Kong, Thailand and the UAE.
Meanwhile, Standard Chartered is participating in an array of different kinds of digital currency work. It recently joined a trial for Hong Kong’s e-HKD CBDC. It’s involved in the BIS Project Dynamo work which explores stablecoin-like Digital Trade Tokens to empower SME trade finance. Recently Standard Chartered took part in a UDPN trial with Deutsche Bank for stablecoin payments.
It’s also an investor in the blockchain multi currency payment network Partior. And one of its subsidiaries Zodia Markets just started stablecoin-based FX.