Singapore Bank DBS Starts e-CNY Collection Platform for Corporate Clients in China

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Coindesk2023/07/05 12:42

By:Lavender Au

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.

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