Standard Chartered China Offering Exchange Services for Digital Yuan

Multinational bank Standard Chartered (STAN) has started offering exchange services for the digital yuan, China’s central bank digital currency (CBDC).

The bank’s China division is working with City Bank Clearing Services to give customers access to the digital yuan’s interconnection platform, offering recharge and redemption, according to an announcement on Monday.

Standard Chartered said it has also joined the CBDC’s business pilot, becoming one of the first foreign firms to do so.

China’s digital yuan, also known as e-CNY, is the most advanced CBDC among those being researched or developed by major economies, reaching 1.8 trillion yuan ($250 billion) in transaction volume as of the end of June this year.

Few banks have been enabling their customers to transact with China’s CBDC. In May, French bank BNP Paribas (BNP) was reported to be promoting the use of China’s digital yuan by linking its corporate clients’ wallets to bank accounts.