🇨🇳 DBS Bank is cooperating with mainland China on the introduction of new e-CNY payment solutions for businesses.
Cryptocurrency-friendly bank DBS is cooperating with mainland China on the development of a new payment solution for the digital yuan, also known as e-CNY.on July 5 the launch of the e-CNY merchant solution, allowing mainland businesses to receive payments in the central bank digital currency .
DBS’ solution is designed to enable a number of benefits, allowing businesses to collect CBDC “without having to go through manual settlement processes,” the announcement notes. The tool also features capabilities allowing merchants to receive payments in underserved regions with limited internet connectivity.
According to DBS Bank China CEO Ginger Cheng, the company has completed the first e-CNY transaction involving a catering company in Shenzhen. He said:
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