SHANGHAI, July 5, 2023 — DBS Bank China is pushing the frontier of the country’s digital currency revolution, collaborating with mainland China to introduce an innovative payment solution for the digital yuan (e-CNY).
As part of their official announcement today, DBS Bank China stated they are launching the e-CNY merchant solution, a service that enables mainland businesses to conveniently accept payments in the central bank digital currency (CBDC).
This service is geared towards DBS Bank China’s corporate clients, facilitating their collection of payments in e-CNY, with automatic settlement directly into their CNY bank deposit accounts. DBS’ solution is tailored to eradicate manual settlement processes, thus significantly easing the process for businesses. It also features capabilities that ensure merchants in regions with limited internet connectivity are not left behind.
Alongside these benefits, the solution offers consolidated merchant reports with detailed itemization of e-CNY transactions available via DBS’ digital platform for business banking, ensuring efficient reconciliation.
DBS Bank China CEO, Ginger Cheng, underscored the value of the new solution, announcing that the company has successfully completed the first e-CNY transaction with a catering company in Shenzhen.
Cheng said, “By seamlessly integrating a CBDC collection and settlement method into our clients’ existing payment systems, we are preparing their businesses for a digital future. This is vital as consumers in China increasingly turn to e-CNY for their daily activities.”
This collaboration between DBS Bank China and mainland China is an important milestone in the continual expansion and integration of digital currencies into the mainstream economic activities in the country.
