Standard Chartered tests Chinese CBDC

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According to an announcement on November 27, Standard Chartered will participate in testing China's CBDC (e-CNY), allowing customers to shop, exchange and redeem e-CNY directly from their bank accounts.

Through partner City Bank Clearing Services Co, Standard Chartered's China branch will test cross-border trade payments, trade finance and supply chain finance in 26 provinces and cities where the testing process is taking place. .

This move shows Standard Chartered's ambitions in Asia's largest economy, when last year it participated in the pilot project "Multilateral Central Bank Digital Currency Bridge" in Asia. Hong Kong, to provide cross-border payment services.

In May, Standard Chartered and PricewaterhouseCoopers China branch published a joint report: “Central Bank Digital Currency to Create a Future Banking Ecosystem”, discussing the prospects for its application. CBDC applications in retail, commerce and supply chain finance.

Xiaolei Zhang, president of Standard Chartered China, Chia : “As an international bank with a history of more than 165 years in the Chinese market, Standard Chartered is optimistic about the development prospects of the digital Yuan. ”.

On November 25, the Central Bank of China also published a Whitepaper titled "Solutions for applying e-CNY in B2B cross-border e-commerce transactions", which recommends integrating e-CNY in B2B cross-border e-commerce transactions. CNY to payment processors.

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