Singapore’s DBS starts e-CNY bank services for China clients

Singapore’s DBS starts e-CNY bank services for China clients

Time Stamp: July 5, 2023 12:59 PM
Source Node: 2751127

Singapore-based DBS bank will allow corporate clients in China to collect payments from their customers in e-CNY – China’s central bank digital currency – and allow the automated settlement of e-CNY payments directly into their bank accounts.

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Fast facts

DBS completed its first e-CNY collection for a client – a catering company in Shenzhen, the lender said in a statement on Wednesday. 

DBS said the service lets businesses receive e-CNY payments digitally in regions lacking full access to banking services.

“We look forward to building on this launch to explore new digital payment solutions, such as cross-border CBDC payments,” Lim Soon Chong, group head of global transaction services of DBS, said in the statement. 

China has been a leader in developing a CBDC and started trials in Shenzhen in October 2020. 

About 130 countries, representing 98% of global GDP, are exploring a CBDC, according to the Atlantic Council’s CBDC Tracker . 

The value of payments via CBDCs is expected to grow to US$213 billion by 2030 from US$100 million in 2023, according to a March report by U.K. technology market researcher Juniper Research. 

See related article: Singapore lender DBS explains its DeFi experiments, plans

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