Standard Chartered joins China's CBDC pilot testing
The British bank will provide e-CNY CBDC services to clients and explore its future use in China's financial system. British multinational bank Standard Chartered will partake in trials of China's digital yuan central bank digital currency (e-CNY CBDC), one of the first foreign banks to do so in the country. According to the Nov. 27 announcement, Standard Chartered, through its partner City Bank Clearing Services Co., will allow its clients to purchase, exchange, and redeem e-CNY within its bank accounts. "As an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of digital Renminbi," said Xiaolei Zhang, president of Standard Chartered China. The bank will also join China's e-CNY CBDC pilot testing program, which is currently ongoing within 26 cities and provinces. Standard Chartered stated that its areas of exploration include cross-border merchant payments, trade financing and supply...