Standard Chartered, a prominent multinational bank based in the UK, has announced its participation in trials of China's digital currency, the e-CNY.
Standard Chartered, a prominent multinational bank based in the UK, has announced its participation in trials of China's digital currency, the e-CNY, making it one of the initial foreign banks to engage with the country's central bank digital currency (CBDC).
In a statement issued on November 27, Standard Chartered disclosed its intention to facilitate e-CNY transactions for its clients, allowing them to purchase, exchange, and redeem the digital currency within their bank accounts through its partner, City Bank Clearing Services Co. Xiaolei Zhang, the President of Standard Chartered China, expressed confidence in the potential of the digital renminbi, highlighting the bank's longstanding presence in the Chinese market.
Standard Chartered will also join China's ongoing pilot testing program for the e-CNY CBDC, which is presently being conducted in 26 cities and provinces. The bank's areas of focus during the trials include cross-border merchant payments, trade financing, and supply chain financing.
In the previous year, Standard Chartered participated in a proof-of-concept project called the "Multilateral Central Bank Digital Currency Bridge" in Hong Kong, aiming to offer cross-border payment settlement services to retail and enterprise clients.
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