HSBC Bank (China) Ltd. made an exciting announcement on Friday, revealing the launch of digital yuan (e-CNY) services tailored for corporate clients. This move positions them as one of the pioneering international banks to provide such services to both corporate and retail customers. The e-CNY, also known as the digital yuan, is China’s official central bank digital currency (CBDC) issued by the People’s Bank of China (PBOC). After successfully introducing personal digital yuan services in November 2023, HSBC China has now expanded its offerings to cater to businesses as well. The first corporate transaction took place in the education sector, where Nord Anglia Education Group utilized digital yuan services in its schools. HSBC has ambitious plans to continue enhancing digital yuan applications in various sectors, such as facilitating cross-border payments and streamlining trade settlements.
