On June 16, Standard Chartered Bank China announced its participation in China’s Cross-border e-CNY Transfer Services (CBETS), marking it as one of the pioneering foreign banks to join the digital yuan’s international settlement platform.
CBETS facilitates connectivity between various payment systems and the digital currency systems managed by different central banks. The system was developed by the Digital Currency International Operation Center under the direction of the Digital Currency Research Institute of the People’s Bank of China.
Foreign financial institutions now have direct access to this platform, which provides intelligent digital payment services around the clock for both on-chain and off-chain transactions, according to the bank’s statement.
“Fintech is fundamentally transforming the mechanics of cross-border payments, paving new pathways for international transactions,” said Jean Lu, CEO of Standard Chartered China.
He also emphasized that an efficient, user-friendly, and compliant cross-border payment process will further promote the global usage of the yuan. The bank plans to continue collaborating with regulators to enhance cross-border financial infrastructure.
The London-based bank has been highly active in developing the digital yuan ecosystem. In 2023, it was among the first foreign banks to participate in the pilot program for e-yuan initiatives.
Standard Chartered highlighted its ongoing efforts to support the internationalization of the yuan, noting that it currently has the most extensive overseas yuan banking network among foreign institutions, providing comprehensive yuan solutions across 35 international markets.