HSBC China Grants Corporate Clients Access to Digital Yuan

HSBC’s China division, in collaboration with the Bank of China, has enabled corporate clients to conduct transactions using the e-CNY.

This initiative aims to foster the development of the digital economy.

The organisation is among the first foreign institutions to offer e-CNY services to both individuals and businesses, according to the press release.

HSBC China’s corporate clients will be able to link CBDC accounts with traditional fiat accounts for automatic top-ups in digital yuan.

As the first transaction, Nordea Education Group made e-CNY transfers to six of its branches in various Chinese cities.

As the applications of the digital yuan expand, pilot scenarios in public business now encompass not only consumer payments in retail enterprises but also payment and settlement operations, government services, and cross-border payments.

In May, the People’s Bank of China, in coordination with the Hong Kong Monetary Authority, expanded the use of e-CNY to this administrative region.