Bank AI

Yuan

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126777/334753/adobestock-303448308.jpeg" alt="Two people in business attire shake hands." srcset="https://cimg.co/news/126777/334753/responsive-images/adobestock-303448308___media_library_original_1500_643.jpeg 1500w, https://cimg.co/news/126777/334753/responsive-images/adobestock-303448308___media_library_original_1200_514.jpeg 1200w, https://cimg.co/news/126777/334753/responsive-images/adobestock-303448308___media_library_original_900_386.jpeg 900w, https://cimg.co/news/126777/334753/responsive-images/adobestock-303448308___media_library_original_720_309.jpeg 720w, https://cimg.co/news/126777/334753/responsive-images/adobestock-303448308___media_library_original_600_257.jpeg 600w, https://cimg.co/news/126777/334753/responsive-images/adobestock-303448308___media_library_original_300_129.jpeg 300w" width="1500" class="content-img"><figcaption>Source: Mongkolchon/Adobe</figcaption></figure>A <a href="https://cryptonews.com/tags/singapore/">Singaporean</a> payments firm has sealed a &ldquo;cross-border&rdquo; <a href="https://cryptonews.com/tags/digital-yuan">digital yuan</a> cooperation deal with a major <a href="https://cryptonews.com/tags/China">Chinese</a> bank, in another breakthrough for the <a href="https://cryptonews.com/tags/CBDC">CBDC</a>.Per the <a href="https://news.cnstock.com/news,bwkx-202310-5138934.htm" rel="nofollow">Shanghai Securities News</a>, the deal was concluded by Thunes, a global payment infrastructure provider, and the China Construction Bank (CCB).The CCB is a state-owned financial institution that comprises one of China&rsquo;s &ldquo;big four&rdquo; commercial banks.Thunes, headquartered in Singapore, is a B2B payments provider to customers such as Uber and Deliveroo.The deal will see Thunes and the CCB &ldquo;cooperate to explore digital yuan cross-border [settlement] and payment solutions.&rdquo;It will allow parties to make digital yuan settlements in &ldquo;export-based cross-border e-commerce&rdquo; and a range of &ldquo;remittance scenarios.&rdquo;<figure class="image"><img src="https://cimg.co/news/126777/334754/ecny-24.jpg" alt="Merchants at the recent China Import and Export Fair use the digital yuan to make and receive payments." srcset="https://cimg.co/news/126777/334754/responsive-images/ecny-24___media_library_original_604_334.jpg 604w, https://cimg.co/news/126777/334754/responsive-images/ecny-24___media_library_original_600_332.jpg 600w, https://cimg.co/news/126777/334754/responsive-images/ecny-24___media_library_original_300_166.jpg 300w" width="604" class="content-img"><figcaption>Merchants at the recent China Import and Export Fair were shown how to use the digital yuan to make and receive payments. (Source: <a href="https://weibo.com/5243157608" rel="nofollow">yangli20067/Weibo</a>)</figcaption></figure><h2 id="singaporean-cross-border-digital-yuan-deal-significant-for-china">Singaporean Cross-border Digital Yuan Deal: Significant for China?</h2>Before 2023, Chinese officials had insisted that the e-CNY was primarily a domestic project.They said it was mainly intended as a digital cash alternative for retail payments.But since the turn of the year, the central People's Bank of China (PBoC) and its partners have changed their messaging, with more talk of &ldquo;cross-border&rdquo; uses of the coin.An increasing number of &ldquo;cross-border&rdquo; pilot projects have materialized in Hong Kong and neighboring Mainland Chinese cities.More recently, the PBoC has established an e-CNY <a href="https://cryptonews.com/news/china-connects-digital-yuan-hong-kongs-fast-payment-system.htm">link to Hong Kong&rsquo;s FPS payment platform</a>.<figure class="media"><oembed url="https://twitter.com/cryptonews/status/1716498443701469219"></oembed></figure>And during the recent Asian Games in Hangzhou, the PBoC and its partners launched a range of e-CNY services <a href="https://cryptonews.com/news/china-says-overseas-visitors-are-using-e-cny-paying-more-salaries-with-cbdc.htm">for foreign students and overseas visitors to China</a>.However, any sort of expansion to the Singaporean market &ndash; or other markets in Thunes&rsquo; network &ndash; would mark a major departure for the PBoC.The move could potentially open the door for overseas e-commerce platforms to sell goods to Chinese buyers who pay in CBDC tokens.The media outlet added that the deal will let individuals use the e-CNY to remit funds to students.It claimed that the new solution was being developed &ldquo;under the guidance of the&rdquo; Digital Currency Research Institute, the PBoC&rsquo;s CBDC arm.The companies will work on an initial pilot involving a select group of customers, with a wider rollout to follow at an unspecified later date.A Thunes official said that the deal would help it provide its clients with &ldquo;more interactive multi-currency and cross-border settlement services.&rdquo;In June, Thunes announced the launch of a Mainland China branch in Beijing, to &ldquo;better support its business development&rdquo; in the nation.Chinese allies such as Russia have previously <a href="https://cryptonews.com/news/top-lawmaker-suggests-china-russias-cbdcs-are-compatible.htm">claimed that their own CBDC projects may be &ldquo;compatible&rdquo; with the e-CNY.</a>Beijing has, however, thus far remained tight-lipped on the matter.
]]>

Singapore Firm Strikes Cross-border Digital Yuan Deal with Chinese Bank

Table of Contents

Cryptonews.com

Other articles published on Oct 24, 2023

ARK Invest sold Coinbase and GBTC shares for $5.8m

PLANET Could Continue to Rise as Buyers Maintain Their Strength

SolidProof and CIK Break Down the Upcoming DOT Token Unlock on BlockTalk this Tuesday

Bitcoin Already Hit $38,000 on This Exchange as Flagship Cryptocurrency Resumes Rally

Ripple to cash out $38 million in XRP amid bull run

Bitcoin, Ethereum, and Yearn Finance Expectations: BTC, ETH, YFI, and 2021

Join our free newsletter for daily crypto updates!