Standard Chartered Joins China’s Digital Yuan Pilot, Pioneering Foreign Bank Participation
Standard Chartered Bank (China) has marked a milestone as one of the early foreign banks to engage in China’s central bank digital currency (CBDC) pilot, offering digital yuan exchange services to customers.
Positioned as one of the oldest and well-established foreign banks in China, Standard Chartered is leveraging its 165-year history in the Chinese market. Zhang Xiaolei, CEO of Standard Chartered Bank (China), expressed enthusiasm for participating in the digital renminbi (RMB) pilot, emphasizing the bank’s optimism about the digital yuan’s development prospects.
The bank will access the digital renminbi interconnection platform through City Bank Clearing Services. With China leading the way in CBDC exploration, Standard Chartered anticipates the expansion of digital yuan applications, encompassing cross-border merchant payments, trade financing, and supply chain financing. The bank has actively contributed to the digital yuan ecosystem, engaging in innovative scenarios and participating in cross-border payment settlement projects.
Clever Robot News Desk 30th November 2023
