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Home CRYPTO

DBS Bank Launches e-CNY Platform for Easy CBDC Payments

by BlockNews Team
July 5, 2023
in CRYPTO, FINANCE, MEDIA
Reading Time: 3 mins read
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  • DBS is the first foreign bank to offer CBDC services in China.
  • e-CNY payments will be built into DBS clients’ existing payment solutions. 

DBS Bank has announced the launch of an e-CNY merchant collection solution in China, one of the first foreign banks ever to do so. Corporate clients in China can now effortlessly collect payments in e-CNY, China’s CBDC. This solution ensures seamless reconciliation through consolidated merchant reports with detailed e-CNY transaction information, accessible via DBS IDEAL, the DBS’ digital platform for business banking.

DBS Bank’s successful completion of the initial e-CNY transaction for a catering company in Shenzhen showcases its commitment to supporting China’s financial market innovation. 

By integrating a CBDC collection and settlement method into clients’ payment systems, the bank facilitates a transition towards a digital future where e-CNY becomes a prevalent choice for daily transactions. 

Championing Digital Currency Innovations

DBS actively engages in numerous initiatives and collaborations to transform the payments landscape. Noteworthy projects include:

  • Partior: DBS Bank co-founded Partior in 2021, an interbank network supporting multi-coin cross-border payments.
  • Project Orchid: DBS Bank participated in Project Orchid, led by the Monetary Authority of Singapore (MAS), which focuses on developing infrastructure for a programmable digital Singapore dollar. In line with this project, DBS Bank launched a live pilot program to issue purpose-bound money-based vouchers utilizing tokenized Singapore dollars.
  • Project Guardian: DBS Bank contributes to Project Guardian, a MAS initiative exploring asset tokenization and decentralized finance (DeFi) for traditional banks. This collaboration involves key industry players such as Aave, Uniswap, Polygon, and JPMorgan. 

Conclusion

DBS Bank’s recent introduction of the e-CNY merchant collection solution solidifies its position as a frontrunner in digital payment solutions. By embracing China’s central bank digital currency and providing seamless payment options to corporate clients, DBS Bank is leading the digital revolution in the finance sector. 

As DBS Bank continues to spearhead digital currency solutions, businesses and consumers can anticipate secure, efficient, and frictionless payment experiences in the future.

Tags: CBDCChinaDBS BankE-CNY
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