A cryptocurrency-friendly bank DBS is collaborating with mainland China on the creation of a new payment system for the digital yuan, often known as e-CNY.
DBS Bank China formally announced the introduction of the e-CNY merchant solution on July 5, allowing mainland enterprises to accept payments in the central bank digital currency (CBDC).
The new service will enable DBS Bank China corporate clients to collect payments in e-CNY from their customers and execute automatic settlement of e-CNY directly into their CNY bank deposit account.
DBS’ solution is intended to provide a variety of advantages, including the ability for firms to collect CBDC “without having to go through manual settlement processes,” according to the statement.