DBS launches merchant payment system for Chinese CBDC
DBS is the first foreign bank in China to embed the CBDC into its merchant payments portfolio, processing transactions and providing consolidated merchant reports with itemised e-CNY transactions via its business banking platform DBS Ideal.Ginger Cheng, CEO of DBS Bank (China), says: "We received strong interest from several clients for the solution since its launch, and we are pleased to have completed the first e-CNY collection for a client - a catering company in Shenzhen. By seamlessly integrating a CBDC collection and settlement method into our clients’ existing payment systems, this will help position their business for a digital future where consumers in China use e-CNY for their daily activities."e-CNY usage in China has grown steadily since its pilot launch in April 2020.
As of December 2022, there were over 13.6 billion e-CNY in circulation. The CBDC is currently accepted across 26 cities and 17 provinces in China, with adoption expected to grow further as the programme gradually expands to more regions.
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