The Digital Currency Electronic Payment (e-CNY) has been implemented for practical use in offline scenarios since early last year. Recently, HSBC China, Hang Seng China, Standard Chartered China, and Fubon Bank China became the first batch of foreign banks to announce their access to the e-CNY interoperability platform, officially launching 'digital Yuan services'.

App Now Supports Binding

According to the Chinese media outlet 21JingJi, as the first batch of foreign banks participating in the trial operation of digital currency, these four banks have accessed the trial version of the digital currency app. Currently, the app supports binding debit cards from these four foreign banks, increasing the total banks supporting card binding within the app to 51.

Among these 51 banks, 31 support the 'card-free, quick binding' function, including China's six major state-owned banks, multiple joint-stock banks, commercial banks, and internet banks.

The Function

According to Hang Seng China, after the launch of e-CNY services, individual customers of Hang Seng China can link their Hang Seng China bank cards within the e-CNY app.

They can conduct digital RMB exchanges and withdrawals. Moreover, through the Hang Seng China mobile banking app, customers can top up their e-CNY wallets and use them for offline or online payments on e-commerce platforms.

Multiple Foreign Banks Deploying

In addition to the four foreign banks mentioned above, several other foreign banks are also gradually establishing the circulation of e-CNY.

For instance, BNP Paribas (China) announced its collaboration with Bank of China—China Electric Union to promote interbank business scenarios for e-CNY wallets.

Kasikornbank (China) announces the implementation of public e-CNYservices.

BDS Bank launches a corporate e-CNY collection solution in China.

UOB China, teaming up with China UMS, introduces an enterprise e-CNY payment solution.