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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Banking giant <a aria-label="DBS said (opens in a new tab)" href="https://www.dbs.com/newsroom/DBS_launches_e_CNY_merchant_collection_solution_for_mainland_businesses_to_receive_CBDC_payments_completes_first_client_transaction" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">DBS said</a> it has rolled out a new offering in China, enabling its corporate clients to collect central bank digital currency (CBDC) payments and enjoy automated digital yuan (e-CNY) settlements. The move comes as DBS seeks to help local businesses in China to address the growing consumer usage and adoption of digital Yuan.</p> 
<h3 id="what-does-dbs-s-new-platform-offer">What Does DBS’s New Platform Offer?</h3> 
<p>DBS, the largest bank in Southeast Asia by assets, announced on Wednesday it has launched a platform in China that allows its clients to collect payments in digital yuan, the country’s CBDC. In addition, the solution also enables automated settlements of e-CNY directly into users’ digital yuan deposit accounts.&nbsp;</p> 
<p>In the press release, DBS stated it was one of the first international banks to launch such a product in China. It offers multiple advantages, such as allowing businesses to collect CBDC payments “without having to go through the manual settlement process.”&nbsp;</p> 
<p>It also lets users take advantage of “e-CNY’s unique capabilities for businesses to receive payments digitally in underserved regions with limited internet connectivity” and provide “consolidated merchant reports with itemized e-CNY transactions,” the bank wrote.</p> 
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<h3 id="china-continues-to-lead-the-cbdc-race">China Continues to Lead the CBDC Race</h3> 
<p>The DBS’s latest product comes amid the <a href="https://tokenist.com/chinas-digital-yuan-app-has-now-been-used-by-139-million-people/" rel="dofollow" class="deco-link">rapidly-growing usage of digital yuan</a> in China since its pilot launch in April 2020. As of December 2022, more than 13.6 billion e-CNY were in circulation, with the digital currency currently being used across 26 cities and 17 provinces in China.&nbsp;</p> 
<p>Today, China is one of the frontrunners in the competitive CBDC market after making significant strides in this field in recent years. For instance, the Chinese government has been <a href="https://tokenist.com/digital-yuan-loans-can-help-china-monitor-businesses-in-real-time/" rel="dofollow" class="deco-link">providing e-CNY loans</a> to local businesses and individuals, boosting the CBDC adoption in the country and expanding its oversight over firms operating there.</p> 
<p>More recently, the Chinese super app WeChat, which is used by over 1.2 billion users, also <a href="https://tokenist.com/wechat-chinas-most-popular-app-adds-support-for-digital-yuan/" rel="dofollow" class="deco-link">added support</a> for digital yuan payments earlier this year through its WeChat Pay feature. The single transaction limit for CBDC payments is currently set at 2,000 yuan ($289), while the daily limit is 5,000 yuan.&nbsp;</p> 
<p>Meanwhile, several other global central banks have joined the CBDC race recently, including Japan, Brazil, and India, among others. In April, the government of Montenegro <a aria-label="joined forces (opens in a new tab)" href="https://www.cbcg.me/en/public-relations/news/press-releases/central-bank-of-montenegro-signs-agreement-with-ripple-to-develop-a-digital-currency-strategy-and-pilot?id=2243" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">joined forces</a> with Ripple to develop a national CBDC pilot.&nbsp;</p> 
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<p><em><strong>Do you think the US government should also consider launching a digital dollar more seriously? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/dbs-launches-automated-cdbc-settlement-platform-for-merchants-in-china/">DBS Launches Automated CDBC Settlement Platform for Merchants in China</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

DBS Launches Automated CDBC Settlement Platform for Merchants in China

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