Standard Chartered First Foreign Bank to Offer Digital Yuan Exchange Services

The bank joins China's CBDC pilot, providing customers access to the digital yuan's interconnection platform.

Standard Chartered Bank China has started offering digital yuan exchange services to customers.
The bank is working with City Bank Clearing Services to provide access to the digital yuan's interconnection platform.
Standard Chartered is the first foreign bank to join China's central bank digital currency (CBDC) business pilot.
The digital yuan, also known as e-CNY, is the most advanced CBDC with $253.6 billion in transaction volume since its inception in 2020.
The application scenarios of digital yuan include cross-border merchant payments, trade financing and supply chain financing.