Singaporean banking giant DBS has launched an e-CNY merchant collection solution in Mainland China, allowing businesses to receive payments in China’s central bank digital currency (CBDC).
Facts
- DBS China has introduced an e-CNY merchant collection solution, enabling businesses in Mainland China to receive payments in the form of China’s central bank digital currency (CBDC).
- Corporate clients of DBS China can now collect payments from their customers in e-CNY, with the digital currency being settled directly into their CNY bank deposit accounts.
- This solution provides a seamless and efficient method for businesses to collect a new form of digital money without manual settlement processes.
- It allows businesses in underserved regions with limited digital connectivity to receive payments digitally.
- DBS Ideal, the bank’s digital platform for business banking, offers consolidated merchant reports with itemized e-CNY transactions for easy reconciliation.
- DBS becomes one of the first foreign banks to implement an e-CNY merchant collection solution in China.
- Ginger Cheng, CEO of DBS Bank (China), mentions strong client interest and the completion of the first e-CNY transaction for a Shenzhen-based catering company. The integration of CBDC into existing payment systems aims to prepare businesses for a digital future where consumers in China use e-CNY for daily activities.
- Since its pilot launch in April 2020, e-CNY usage has grown steadily in China, with over 13.6 billion e-CNY in circulation as of December 2022.
