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 , 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,
UPDATE (July 5, 2023, 12:37 UTC): Adds additional details from DBS. Updates headline.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
July 2024: Optimizing Balanced Through New Development
In July, ICON advanced its integration efforts and optimized system performance. Key achievements including completion of audits for Stellar, and contracts for Solana. Looking ahead to August we anticipate the deployment of Sui contracts to mainnet.|
MAX Score Airdrop Event Reward Allocation and Claim Guide
Dogs: There will be something for DOGS player on August 14th
Trending news
MoreCrypto prices
More
