DBS Bank enables companies to accept e-CNY payments

China branch of Singapore bank DBS has launched a solution allowing companies to accept payments customers at e-CNYthe CBDC issued by the Chinese government.

The DBS financial group announced on Wednesday the launch of a product that offers corporate customers the possibility of DBS China to collect payments in e-CNYthe Chinese central bank’s digital currency, and automatically convert CBDC into yuan.

We’ve had a lot of customer interest in the solution since its launch, and we’re delighted to have completed the first collection of e-CNY for one customer, a catering company in Shenzhen,” said Ginger Cheng, head of DBS China.

According to the executive, this new solution will help companies prepare for a ” digital future “in which Chinese consumers will use e-CNY to pay their daily expenses.

Launched as a pilot project in 2020, thee-CNY in particular was tested to boost household consumption in China following the Covid episode.

According to DBSthere were more than 13.6 billion e-CNY in circulation by the end of 2022, and adoption is set to increase as the program gradually expands to other regions.

“The solution strengthens DBS’s position as ainnovator in digital payment solutions and marks another step forward in our vision to enable instant, frictionless transactions 24 hours a day for our customers,” commented Lim Soon Chong, Head of Global Transactions at DBS.

Earlier this year, the financial institution announced that it wanted to extend its crypto offering to retail customers. It participates in various MAS blockchain projects in Singapore such as Guardian.

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