HSBC Bank (China) Ltd. announced on Friday the launch of digital yuan (e-CNY) services for corporate clients, becoming one of the first international banks to provide these services to both corporate and retail customers. The e-CNY, or digital yuan, is China’s central bank digital currency ( CBDC) issued by the People’s Bank of China (PBOC). Following the introduction of personal digital yuan services in November 2023, HSBC China has now extended these offerings to businesses. The inaugural corporate transaction was completed in the education sector, facilitating Nord Anglia Education Group’s implementation of digital yuan services in its schools. HSBC plans to further develop digital yuan applications across various sectors, including cross-border payments and trade settlements.
HSBC China Introduces Digital Yuan Services for Corporate Clients
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