HSBC China Enables Digital Yuan Transactions for Corporate Clients
HSBC Bank (China) Ltd. has announced the launch of digital yuan (e-CNY) services for corporate clients.
Making it one of the first international banks to offer such services to both corporate and retail customers. The e-CNY, China’s central bank digital currency (CBDC), is issued by the People’s Bank of China (PBOC). After introducing personal digital yuan services in November 2023, HSBC China has now expanded these services to businesses.
The first corporate transaction, completed in the education sector, facilitated Nord Anglia Education Group’s adoption of digital yuan services in its schools. HSBC aims to further develop digital yuan applications, particularly in cross-border payments and trade settlements across various sectors.
Clever Robot News Desk 11st June 2024
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