{"id":81272,"date":"2023-07-05T14:30:43","date_gmt":"2023-07-05T11:30:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81272"},"modified":"2025-09-11T21:52:09","modified_gmt":"2025-09-11T18:52:09","slug":"singapores-dbs-bank-adds-support-for-the-digital-yuan-e-cny","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/singapores-dbs-bank-adds-support-for-the-digital-yuan-e-cny\/","title":{"rendered":"Singapore&#8217;s DBS Bank Adds Support for the Digital Yuan (e-CNY)"},"content":{"rendered":"<p>The largest bank in Singapore, DBS Bank <a href=\"https:\/\/www.dbs.com\/newsroom\/DBS_launches_e_CNY_merchant_collection_solution_for_mainland_businesses_to_receive_CBDC_payments_completes_first_client_transaction\">opened<\/a> for clients the ability to receive payments in the digital yuan (e-CNY).<\/p>\n<p>The platform launched recently by the company allows merchants to automatically transfer amounts in Chinese <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a> to bank deposit accounts. According to the bank, at least one client has already used the option.<\/p>\n<p>In February, DBS Bank said it planned <a href=\"https:\/\/forklog.com\/en\/news\/dbs-bank-to-offer-cryptocurrency-services-in-hong-kong\">to apply<\/a> for a license to provide cryptocurrency services in Hong Kong \u2014 a special administrative region of China.<\/p>\n<p>In Singapore, the bank has held similar regulatory approval since 2021. The financial company launched in the city-state an institutional-investor-oriented <a href=\"https:\/\/forklog.com\/en\/news\/turnover-on-dbss-institutional-crypto-platform-doubles\">cryptotrading platform DDEx<\/a>.<\/p>\n<p>DBS Bank also <a href=\"https:\/\/forklog.com\/en\/news\/singapore-authorities-tested-operations-with-tokenised-fiat-currencies\">became a participant<\/a> in a pilot project to study the potential of DeFi for <a href=\"https:\/\/www.investopedia.com\/articles\/economics\/09\/when-wholesale-funding-goes-bad.asp#\">wholesale funding<\/a> under the auspices of the Monetary Authority of Singapore.<\/p>\n<p>In China, authorities continue <a href=\"https:\/\/forklog.com\/en\/news\/jinan-adopts-digital-yuan-for-transit-fares\">to take measures<\/a> to popularize the digital yuan. According to reporters, during the Lunar New Year week municipalities <a href=\"https:\/\/forklog.com\/en\/news\/china-allocates-millions-to-promote-cbdc\">disbursed 180 million e-CNY<\/a> (~$26.5 million) in subsidies and coupons for this purpose.<\/p>\n<p>At the end of 2022, the People&#8221;s Bank of China included the CBDC in the monetary base. At that time, <a href=\"https:\/\/forklog.com\/en\/news\/china-first-uses-cbdc-in-stock-market-settlements\">13.62 bln e-CNY<\/a> (~$2 bln) were in circulation, equivalent to 0.13% of the total. Former director of research at the central bank Se Pin <a href=\"https:\/\/forklog.com\/en\/news\/former-pboc-analyst-says-interest-in-the-digital-yuan-is-tepid\">described<\/a> the low interest in the digital yuan.<\/p>\n<p>In May 2023, BNP Paribas China opened for corporate clients the ability to conduct e-CNY operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore&#8217;s DBS Bank opened for clients the ability to receive payments in the digital yuan (e-CNY).<\/p>\n","protected":false},"author":1,"featured_media":81273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,1572,1369],"class_list":["post-81272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-dbs","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81272"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81272\/revisions"}],"predecessor-version":[{"id":81274,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81272\/revisions\/81274"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81273"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}