A crypto-friendly bank founded by the government of Singapore is launching a digital version of the Chinese yuan designed for central bank digital currency (CBDC) payments.
According to a new press release by DBS Bank, its Chinese branch will be launching a system that would allow businesses on the mainland to accept CBDC payments.
“DBS today announced it is one of the first foreign banks in China to launch an e-CNY merchant collection solution and complete an e-CNY transaction for a client.
The solution empowers corporate clients of DBS China to collect payments from their customers in e-CNY, China’s central bank digital currency (CBDC), and enjoy the automated settlement of e-CNY [directly] into their CNY bank deposit account.”
Ginger Cheng, the CEO of DBS Bank in China, says that integrating the automated settlement method into existing payment systems can help position businesses for the future.
As stated by the chief executive in the press release,
“By seamlessly integrating a CBDC collection and settlement method into our clients’ existing payment systems, this will help position their business for a digital future where consumers in China use e-CNY for their daily activities.
This showcases our dual commitment of making banking joyful for our clients while actively supporting the development of China’s financial market innovation.”
Cheng also says that the first successful transaction for a business, a catering company in Shenzhen, was completed using the new payments system.
The digital yuan was first launched in April 2020 and has steadily seen growth, according to the press release. As of December 2022, there were over 13.6 billion e-CNY tokens in circulation.
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