More Foreign Banks Join China’s CBCC Trials

More foreign banks have joined China's digital yuan central bank digital currency (CBCC), e-CNI, British bank Standard Chartered in 2015.

According to local news reports, Hong Kong-based HSBC, Hang Seng Bank and Taiwanese bank Fubon Bank have added e-CNI integration to their platforms. All four foreign banks allow their customers to transfer and withdraw e-CNNs. In addition, Hang Seng Bank has allowed private banking customers to link debit cards in the official e-CNI app and withdraw digital renminbi. You can also top up a digital renminbi wallet through the Hang Seng China Mobile Banking app. HSBC has added similar features for its retail e-CNI customers.

As for Fubon Bank, it allows users to top up e-CNN through mobile banking and spend CBDC using their bank card. The firm said it will continue to explore e-CNY CBDC applications in cross-border trade, smart contracts, cross-border payments and supply chain finance.

Song Yusheng, vice chairman and president of Hang Seng China, said the bank plans to use the ongoing e-CNY CBCC pilot to create new consumption conditions, enrich service systems, stimulate new consumption strengths and provide business opportunities. A day earlier, Standard Chartered revealed that it is currently experimenting with e-CNY CBDC for applications such as “cross-border merchant payments, trade finance and supply chain finance”.

Last month, Cointelegraph reported that China's digital yuan CBCC was the first to settle a cross-border oil deal where PetroChina International bought 1 million barrels of oil using CBCC. In the year In the first three quarters of 2023, the yuan's cross-border settlement rose 35% year-on-year to reach $1.39 trillion, China Daily reported.

Related: Standard Chartered joins China's CBCC trial