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One of the first international banks to participate in the digital renminbi (RMB) project, Standard Chartered Bank (China) Ltd. has made a significant announcement on its active engagement in China’s central bank digital currency (CBDC) pilot program. Standard Chartered, one of the oldest international banks in China with a rich history, is expected to have a significant influence on the development of the digital currency market. With great enthusiasm, Standard Chartered Bank’s (China) CEO Zhang Xiaolei said, “We are very pleased to participate in the pilot of digital RMB business as one of the first foreign banks.”
In keeping with its commitment to adopting technology innovations in the financial industry, Standard Chartered will use City Bank Clearing Services to get access to the digital renminbi interconnection platform. By the end of June, transactions using China’s digital currency, known as e-CNY, had already exceeded 1.8 trillion yuan ($250 billion), according to People’s Bank of China (PBOC) Governor Yi Gang.
Zhang highlighted Standard Chartered’s 165-year history in the Chinese market and the bank’s belief in the potential for the digital yuan. Zhang anticipates that China’s application scenarios for CBDC will continue to grow and that in the future, supply chain finance, trade financing, and cross-border merchant payments will all be included.
China is leading the way in central banks’ investigation of digital currencies, with many pilot programs now in progress. China’s central bank, the People’s Bank of China (PBOC), has been expanding the digital renminbi pilot program, now covering 26 test regions nationwide. Deeply ingrained in the digital yuan ecosystem, Standard Chartered Bank actively participates in its development and looks into novel uses for the CBDC.
The bank demonstrated its commitment by taking part in the proof-of-concept research project “Multilateral Central Bank Digital Currency Bridge” in September of the previous year. With this endeavor, Standard Chartered demonstrated its commitment to expanding the possibilities for digital currency applications by offering cross-border payment settlement services for actual company transactions over the currency bridge’s infrastructure.