{"id":53721,"date":"2023-07-05T05:38:21","date_gmt":"2023-07-05T09:38:21","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=53721"},"modified":"2023-07-05T05:38:23","modified_gmt":"2023-07-05T09:38:23","slug":"dbs-enables-e-cny-payments-for-businesses-in-china","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/dbs-enables-e-cny-payments-for-businesses-in-china\/","title":{"rendered":"DBS enables e-CNY Payments for Businesses In China"},"content":{"rendered":"\n<p><a href=\"https:\/\/coinscreed.com\/staging\/dbs-bank-singapore-is-looking-to-expand-bitcoin-trading-to-retail-investors.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">DBS Bank<\/a> has launched an e-CNY merchant collection solution for its corporate clients in China, enabling them to receive payments in the country's digital currency. The bank has also completed its first e-CNY transaction for a catering company in Shenzhen.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/DBS-bank.jpg\" alt=\"DBS enables e-CNY Payments for Businesses In China\" class=\"wp-image-53761\" width=\"701\" height=\"412\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/DBS-bank.jpg 850w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/DBS-bank-300x176.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/DBS-bank-768x452.jpg 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/DBS-bank-750x441.jpg 750w\" sizes=\"(max-width: 701px) 100vw, 701px\" \/><\/figure>\n\n\n\n<p>DBS Bank, one of the leading banks in Singapore and Asia, has announced that it is one of the first foreign banks in China to launch an <a href=\"https:\/\/www.dbs.com\/newsroom\/DBS_launches_e_CNY_merchant_collection_solution_for_mainland_businesses_to_receive_CBDC_payments_completes_first_client_transaction\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">e-CNY merchant collection<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> solution and complete an e-CNY transaction for a client. <\/p>\n\n\n\n<p>The solution empowers corporate clients of DBS China to collect payments from their customers in e-CNY, <a href=\"https:\/\/coinscreed.com\/staging\/chinas-cbdc-transactions-volume-crosses-14b-mark.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">China's central bank digital currency (CBDC)<\/a>, and enjoy the automated settlement of e-CNY direct into their CNY bank deposit account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-e-cny-merchant-collection-solutions\">e-CNY Merchant Collection Solutions<\/h3>\n\n\n\n<p>The e-CNY merchant collection solution brings several benefits to businesses in China, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Providing businesses a seamless and efficient method to collect a new form of digital money without having to go through manual settlement processes;<\/li>\n\n\n\n<li>Leveraging e-CNY's unique capabilities for businesses to receive payments digitally in underserved regions with limited internet connectivity; and<\/li>\n\n\n\n<li>Enabling seamless reconciliation by providing consolidated merchant reports with itemized e-CNY transactions, with the report accessible via DBS IDEAL, the bank's digital platform for business banking.<\/li>\n<\/ul>\n\n\n\n<p>Ginger Cheng, Chief Executive Officer of DBS Bank (China), said: <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We received strong interest from several clients for the solution since its launch, and we are pleased to have completed the first e-CNY collection for a client \u2013 a catering company in Shenzhen. By seamlessly integrating a CBDC collection and settlement method into our clients' existing payment systems, this will help position their business for a digital future where consumers in China use e-CNY for their daily activities. This showcases our dual commitment to making banking joyful for our clients while actively supporting the development of China's financial market innovation.&#8221;<\/p>\n<\/blockquote>\n\n\n\n<p>Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank, also stated: <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The e-CNY merchant collection solution strengthens DBS' position as an innovator in digital payment solutions and marks yet another milestone in our vision of enabling instant and frictionless 24\/7 payments for our customers. We look forward to building on this launch to explore new digital payment solutions, such as cross-border CBDC payments.&#8221;<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">Growing adoption of e-CNY in China<\/h3>\n\n\n\n<p>e-CNY usage in China has grown steadily since its pilot launch in April 2020. As of December 2022, there were over <strong>13.6 billion<\/strong> e-CNY in circulation. <\/p>\n\n\n\n<p>The CBDC is currently accepted across <strong>26 cities<\/strong> and 17 provinces in China, with adoption expected to grow further as the program gradually expands to more regions. According to official figures, e-CNY accounts for <strong>0.13%<\/strong> of China's central bank's currency and reserves.<\/p>\n\n\n\n<p>Corporate clients of DBS China can reach out to their relationship managers to quickly adopt the e-CNY merchant collection solution. <\/p>\n\n\n\n<p>They can enjoy a one-stop onboarding service with point-of-sales upgrades and staff training jointly conducted by DBS and UnionPay Merchant Services, DBS' partner that enables this solution.<\/p>\n\n\n\n<p>DBS also participates in Project Guardian, an initiative created by the Singapore Monetary Authority to explore asset tokenization and <a href=\"https:\/\/coinscreed.com\/staging\/introduction-to-decentralized-finance-defi-cryptocurrencies-and-smart-contract.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">decentralized financing (DeFi)<\/a> for conventional banks. <\/p>\n\n\n\n<p>In addition, the bank is taking part in tests to establish the infrastructure required to issue a programmable digital Singapore dollar.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DBS Bank has launched an e-CNY merchant collection solution for its corporate clients in China, enabling them to receive payments in the country&#8217;s digital currency. The bank has also completed its first e-CNY transaction for a catering company in Shenzhen. DBS Bank, one of the leading banks in Singapore and Asia, has announced that it [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":53761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[773,322,2152,10353,931],"class_list":["post-53721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cbdc","tag-china","tag-dbs","tag-e-cny-2","tag-singapore"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/DBS-bank.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=53721"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/53761"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=53721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=53721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=53721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}