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Singapore Bank DBS Starts e-CNY Collection Platform for Corporate Clients in China
The newly launched merchant collection solution allows businesses automated settlement of e-CNY into their CNY bank deposit accounts.
Clients of Singapore bank DBS can now collect payments from customers in e-CNY, China's central bank digital currency (CBDC), according to an announcement on Wednesday.
The newly launched merchant collection platform allows businesses automated settlement of e-CNY into their bank deposit accounts. At least one client has already used this platform for a transaction, DBS said.
STORY CONTINUES BELOW
The platform will only be available for corporate clients in China, the bank added.
DBS is participating in Project Guardian, launched by the Monetary Authority of Singapore, a project for testing asset tokenization and decentralized finance (DeFi) for traditional banks. The bank is also participating in experiments to build the infrastructure needed to issue a programmable digital Singapore dollar.
e-CNY represents 0.13% of cash and reserves held by China's central bank, according to official data.
Read more: China's Digital Yuan Used to Buy Securities for the First Time: Report
UPDATE (July 5, 2023, 12:37 UTC): Adds additional details from DBS. Updates headline.
Lavender Au
Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.
