More foreign banks have joined China’s digital yuan central bank digital currency (CBDC) e-CNY, following the addition of Britain’s Standard Chartered Bank on November 27, bringing the total to four.
According to local news reports ReportHong Kong’s HSBC, Hang Seng Bank and Taiwanese bank Fubon Bank have also Add to Integration of e-RMB and its platform. All four foreign banks will allow their customers to transfer and withdraw electronic yuan.In addition, Hang Seng Bank also allow Personal banking customers can bind their debit card and exchange digital RMB in the official e-CNY app. They can also top up their digital RMB wallet through the Hang Seng China Mobile Banking App. HSBC has also added similar functionality for its customers’ retail e-renminbi use.
As for Fubon Bank, it allows users to top up electronic renminbi through mobile banking and use its bank cards to spend CBDC. The company said it will continue to explore the application of electronic RMB CBDC in cross-border trade, smart contracts, cross-border payments and supply chain finance.
Song Yuesheng, vice chairman and president of Hang Seng China, said the bank plans to use the ongoing e-renminbi CBDC pilot to “create new consumption scenarios, enrich the service system, stimulate new consumption vitality and provide business opportunities.” The day before, Standard Chartered Bank stated that it is currently experimenting with electronic RMB CBDC in areas such as “cross-border merchant payments, trade financing, and supply chain financing.”
Last month, Cointelegraph reported that China’s digital yuan CBDC was used to settle cross-border oil transactions for the first time, with PetroChina International using the CBDC to purchase 1 million barrels of oil. According to China Daily, in the first three quarters of 2023, the use of RMB for cross-border settlements increased by 35% compared with the same period last year, reaching US$1.39 trillion.
Related: Standard Chartered joins China’s CBDC pilot
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