DBS Group China, the mainland China division of Singapore’s DBS Bank introduced The Digital Renminbi (e-CNY), the Central Bank of China’s digital currency, in July. This new payment system supports this currency. On May 5, it was announced.
DBS China, a unit of the Singapore-based financial services group, announced in a press release on July 5 that it can now assist its business clients in collecting payments in e-CNY, the central bank of China’s digital currency (CBDC), with automated settlement.
DBS Bank (China) CEO Ginger Cheng noted in the announcement that by fully integrating a CBDC collection and settlement mechanism into our clients’ current payment systems, this would help position their firm for a digital future in which Chinese consumers use e-CNY for daily transactions.
This demonstrates our combined commitment to bringing banking joy to our customers while actively promoting the innovation of China’s financial system, says the company.
The ability to accept payments digitally in areas with limited internet connectivity, the ability to provide consolidated merchant reports with itemized e-CNY transactions for seamless reconciliation, and a seamless and efficient way for businesses to collect a new form of digital money are all advantages of this solution, the release states.
DBS Bank is also developing its most recent debut into the world of digital assets by assisting China in developing their digital currency. Since 2021, DBS has run a cryptocurrency custody service that has given its high-net-worth clients access to the bank’s vaults to hold tokens like Bitcoin and Ethereum.
Additionally, SBA and JP Morgan have collaborated to develop Project Guardian, a transaction settlement technology that will be tested in May 2022 on a public blockchain.