DBS Bank, Singapore’s largest bank, launched a service to collect payments using e-CNY, the so-called digital yuan, of the central bank digital currency (CBDC) in China on the 5th, the first time to provide a solution using e-CNY. announced that it has become a foreign bank.
The solution will be available for corporate customers to collect payments on e-CNY and enable automatic settlement to e-CNY accounts. At least one firm is already using the platform to trade, DBS said.
DBS has joined the “Project Guardian” launched by the Monetary Authority of Singapore (MAS) – a project to test asset tokenization and DeFi (decentralized finance) for traditional banks. ing. The bank is also participating in an experiment to develop the necessary infrastructure for programmable digital Singapore dollar issuance.
According to official data, e-CNY represents 0.13% of the cash and reserves held by China’s central bank.
｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Original: Singapore Bank DBS Starts e-CNY Collection Platform for Corporate Clients in China