HSBC China Launches Digital Yuan Services For Corporate Clients

According to Odaily, HSBC Bank (China) Co., Ltd., also known as HSBC China, has recently announced the launch of digital yuan services for its corporate clients. This makes it one of the first foreign banks to offer digital yuan services to both corporate and retail customers. The move comes amid frequent developments in the digital yuan sector and the continuous expansion of pilot applications. HSBC's expansion of services to corporations indicates that foreign banks are actively using the digital yuan to enhance customer service capabilities and boost the development of the digital economy. Since the launch of personal digital yuan services in November 2023, HSBC China has been continuously laying out in the digital yuan field. Through close cooperation with the digital yuan operating institution, Bank of China, HSBC China has expanded its services to the corporate end. It has launched digital yuan public wallet-related services for its corporate clients, who can bind the digital yuan wallet to their bank accounts for management and automatically deposit the digital yuan into their bank accounts. As the first transaction after the opening of corporate digital yuan services, HSBC has made a trial in the education field. It assisted Nord Anglia Education Group, a bilingual education group, in opening digital yuan services for its six schools in Shanghai, Beijing, Guangzhou, Jiaxing, and Suzhou. It also helped them successfully complete the first digital yuan receipt, further expanding their receipt channels and empowering the construction of smart campuses.