CryptoNews: DBS Bank's China subsidiary, DBS Group China, has launched a payment system to support China's central bank digital currency (CBDC), the e-CNY. 💪
DBS Bank is Also Entering Into the World of Digital Assets
The platform would enable companies to receive payments from clients in e-CNY and have settlements instantly placed into fiat bank accounts,to the announcement by the largest bank in Southeast Asia. The technology has already undergone successful testing with an e-CNY collection from a Shenzhen catering company. The platform will only be accessible to Chinese corporate clients.
With the CBDC currently being used in 26 Chinese regions across 17 provinces since the e-CNY's introduction in 2019, China has progressively increased its use across its economy. For instance, the bus network in the city of
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