DBS Bank China has announced the launch of its e-CNY merchant solution, which enables mainland businesses to receive payments in China’s central bank digital currency, the e-CNY. The solution allows corporate clients of DBS Bank China to collect payments in e-CNY and conduct automated settlement directly into their CNY bank deposit accounts.
The service aims to simplify the collection and settlement process for businesses, offering benefits such as streamlined payment processing and the ability to receive payments in underserved regions with limited internet connectivity. The solution also provides reconciliation through consolidated merchant reports and itemized e-CNY transactions.
DBS Bank China CEO Ginger Cheng stated that the solution positions businesses for a digital future where consumers in China use e-CNY for their daily activities.
DBS Bank, known for its pro-crypto stance, has been involved in promoting digital payments and blockchain initiatives. The bank launched cryptocurrency trading and custody services for institutional clients in 2020. While supporting China’s e-CNY initiative, DBS Bank has also participated in various government-related blockchain projects in Singapore.
The cooperation between DBS Bank and China reflects the growing adoption and expansion of the digital yuan, with the e-CNY being accepted in multiple cities and provinces across the country.
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