According to Xinhua Finance, during the Sibos annual meeting organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Standard Chartered Bank and Bank of Communications signed a (Memorandum of Understanding on Strategic Cooperation in Digital Currency). The two parties will set up a joint working group to jointly explore the establishment of a cross-border payment and settlement infrastructure system and mechanism for digital currency, improve the efficiency and convenience of cross-border payment and settlement, and jointly create more abundant digital currency application scenarios. Through the incremental customer value brought by application scenario innovation, the scope of application of digital currency will be expanded.