DBS, a bank that accepts cryptocurrencies with regard to the digital yuan, known as e-CNY, is launching new solutions for its consumers in mainland China.
The Chinese Bank launched its e-CNY merchant solution in full on July 5. Through the CBDC, Chinese companies can now receive payments thanks to this service.
With the use of this tool, business customers of DBS Bank China can accept e-CNY payments from clients and immediately settle funds into CNY bank deposit accounts.
The new approach has a number of advantages, one of which is that CBDC payments can be accepted “without the need for manual settlement processes.” Additionally, it enables businesses to take payments in areas with poor internet connectivity.
“We garnered considerable demand from several clients for the solution since its launch,” said Ginger Cheng, Chief Executive Officer of DBS Bank (China), “and we are overjoyed to have accomplished the first e-CNY collection for a client – a catering company in Shenzhen.”
DBS Bank further demonstrates its position as a forward-thinking player in the digital currency market with the introduction of the e-CNY payment system. The prospect of investigating cross-border CBDC payments lurks enthusiastically on the horizon as DBS Bank continues to experiment.