Posted 11/27/2023, 3:16:01 PM
Standard Chartered Joins China's Digital Yuan Pilot for Cross-Border Use
- Standard Chartered joins China's e-CNY CBDC pilot testing program, one of the first foreign banks to do so
- Will allow clients to purchase, exchange, and redeem e-CNY within Standard Chartered accounts
- Areas of e-CNY exploration include cross-border payments, trade financing, and supply chain financing
- Previously participated in 2020 Hong Kong CBDC bridge project for cross-border payments
- China pushing for e-CNY adoption in cross-border e-commerce, over 120 million e-CNY wallets created since 2020