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DBS announced in start July 2023 that it is the first foreign bank to have a successful pilot run an e-CNY merchant solution for a catering company in Shenzhen. Such banking solution empowers corporate client in China to collect payments from their customers in e-CNY China's Cross Border Digital Currencies and allows e-CNY direct into their customers’deposits account. This service is a new form of digital money without having to go through manual settlement processes. Businesses will also be able to receive payments digitally more easier in underserved regions with limited internet connectivity and can perform reconciliation using consolidated merchant reports with itemized e-CNY transactions.
e-CNY usage in China has grown tremendously since its pilot launch in April 2020. There are over 13.6 billion e-CNY in circulation as of December 2022 spanning across 17 provinces and 26 cities in China.
Asides e-CNY, DBS also has other ongoing initiatives aiming to transform cross-border payments, including Partior, which was co-founded by Temasek and JP Morgan in 2021.
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