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.
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.