- Financial institution Standard Chartered has dived into China to join the CBDC pilot program.
- The bank has partnered with a China-based payment service provider.
- China is committed to advancing the adoption of its digital yuan.
As Central Bank Digital Currencies (CBDCs) gain widespread acceptance as an advanced form of money, many regions and financial institutions want to leverage their potential benefits. China is leading the race as a global economic powerhouse with plans to expand its financial system by integrating a digital yuan.
Looking to capitalize on the growing adoption in the region, Standard Chartered has ventured into China to expand digital yuan adoption with retail trading and exchange services.
Standard Chartered Leads e-CNY Trade and Exchange
On Monday, November 27th, Standard Chartered Bank announced that its China-based subsidiary, in collaboration with City Bank Clearing Services Co., will commence the provision of digital yuan exchange.
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The partnership will offer Chinese customers access to a digital interconnection platform and a comprehensive suite of services, allowing users to seamlessly exchange, trade, and redeem e-CNY through their conventional bank accounts.
Vice Chairman of Standard Chartered China, Zhang Xiaolei, emphasized the importance of the expansion for the broader adoption of digital currencies.
“As an important infrastructure for the digital economy, the development of digital RMB will gradually improve the payment and consumption experience and strengthen interconnection with the international financial market.”
Standard Chartered China has also become one of the first foreign banks to participate in the digital yuan business pilot.
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To find out more about the adoption of CBDCs in China, read here:
China’s WeChat Pay Integrates Digital Yuan for CBDC Adoption
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