- Standard Chartered has joined digital yuan testing for cross-border payments and trade financing.
- The digital yuan (e-CNY) is the most advanced CBDC, with over 1.8 trillion yuan in transaction volumes.
Standard Chartered has joined the trials of Chinese digital yuan, according to an announcement on Monday. The bank’s China division is collaborating with the City Bank Clearing Services Ltd. to allow its clients to buy, redeem, and exchange digital currency. Xiaolei Zhang, president of Standard Chartered China, said,
“As an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of digital Renminbi.”
Standard Chartered Cross-Border Payments
e-CNY is currently being pilot-tested in 26 Chinese cities and provinces. Standard Chartered targets plot tests of the digital yuan in cross-border payments, supply chain, and trade financing. The move comes when China is championing for businesses to drive the uptake of e-CNY. Recently, the Chinese central bank launched a B2B digital renminbi platform to streamline cross-border functions.
See Related: Chinese Platform WeChat Accepts Payments With The Digital Yuan CBDC
Most Advanced CBDC In Major Economies
The digital yuan, or e-CNY, has been the most advanced central bank digital currency in the leading economies. As of June 2023, the digital currency saw over 1.8 trillion yuan or $250 billion in transaction volumes. The number of wallets for e-CNY transactions has risen to over 120 million.
Standard Chartered has now become one of the first foreign entities to join the CBDC’s business pilot. In May, BNP Paribas joined and promoted the Chinese digital currency, linking its corporate clients’ wallets with their bank accounts.
