Wu said that according to Xinhua Finance, Standard Chartered Bank and Bank of Communications signed a "Memorandum of Strategic Cooperation on Digital Currency" during the Sibos annual meeting organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The two parties will set up a joint working group to jointly explore the establishment of a basic system and mechanism for cross-border payment and settlement of 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, it will promote the expansion of the application scope of digital currency.