More foreign banks join China’s CBDC pilot trials
A total of four foreign banks have integrated China’s e-CNY CBDC thus far. More foreign banks have joined China’s digital yuan central bank digital currency (CBDC), the e-CNY, following British bank Standard Chartered’s entry on Nov. 27, bringing its total to four. According to local news reports, Hong Kong-based HSBC, Hang Seng Bank and Taiwanese bank Fubon Bank have also added e-CNY integrations to their platforms. All four foreign banks will allow their clients to transfer and withdraw e-CNY. Moreover, Hang Seng Bank has allowed personal banking customers to bind debit cards within the official e-CNY app and redeem digital renminbi. They can also top up the digital renminbi wallet through the Hang Seng China Mobile Banking App. HSBC has also added similar Features for retail e-CNY use for its clients. As for Fubon Bank, it has allowed users to recharge e-CNY via mobile banking and spend the CBDC using its bank card. The firm said it would continue to explore e-CNY CBDC applica...