DBS introduces Chinese CBDC merchant payment system

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Singapore’s DBS has implemented a payments collection and settlement service for Chinese merchants that processes transactions in the nation’s retail central bank digital currency, E-CNY.

DBS is the first foreign bank in China to integrate the CBDC into its merchant payments portfolio. Through its business banking platform DBS Ideal, DBS processes transactions and offers aggregated merchant reports with itemized e-CNY transactions. Since its pilot introduction in April 2020, e-CNY usage in China has increased gradually.

There were around 13.6 billion e-CNY in use as of December 2022. In China, the CBDC is presently recognized in 26 cities and 17 provinces, and as the program steadily extends to additional areas, adoption is anticipated to increase.

Read More: DBS launches merchant payment system for Chinese CBDC

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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