Three More Banks Join China’s Digital Yuan Initiative

Three More Banks Join China’s Digital Yuan Initiative

by November 29, 2023

The participation of foreign banks in China’s digital yuan initiative, known as the e-CNY, has expanded with the addition of three more banks, reports Cointelegraph.

This development follows the earlier integration by Standard Chartered on 27 November (Monday), making a total of four foreign banks now involved.

Hong Kong-based HSBC and Hang Seng Bank, along with Taiwan’s Fubon Bank, are the latest to participate in China’s central bank digital currency (CBDC) pilot. These banks will enable their clients to transact with the e-CNY, including transfers and withdrawals.

Notably, Hang Seng Bank has implemented features that allow personal banking customers to link debit cards to the official e-CNY app and to manage digital renminbi. Clients can also replenish their digital yuan wallets using Hang Seng’s mobile banking app. HSBC has introduced similar functionalities for its customers.

Fubon Bank is facilitating the recharging of e-CNY wallets via mobile banking and is enabling spending through its bank cards. The bank is actively exploring further applications of the e-CNY in areas like cross-border trade and payments, smart contracts, and supply chain finance.