HSBC becomes the first foreign bank to offer China's digital Yuan to businesses
HSBC Bank's China subsidiary has begun offering e-CNY services to corporate customers, giving businesses access to China's central bank's digital currency, the renminbi digital currency or e-CNY, a first for a foreign bank in the country.
The digital yuan is a digital version of the country's fiat currency, the yuan (CNY), and is designed to partially replace cash in circulation. In a statement, HSBC Bank (China) announced that corporate customers can now link their accounts to the CNY e-wallet for wealth management purposes.
The bank has facilitated e-CNY payments for an education group across six branches in Shanghai, Beijing, Guangzhou, Jiaxing and Suzhou. The People's Bank of China, the nation's central bank, launched pilot programs for digital currencies in late 2019, gradually expanding them to different regions in the country.
Although the government has started paying state employees with e-CNY in select cities, many users are still reluctant to pay with e-CNY because of functionality limitations and rights concerns. private. In an effort to increase e-CNY usage, Hong Kong recently announced that residents can set up personal e-CNY wallets for cross-border transactions.
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