[ad_1]
Share this article
DBS Bank, a leading Singaporean bank in China, has launched a digital yuan merchant collection solution, marking DBS’s first client transaction with China’s digital yuan.
This solution allows DBS’s corporate clientele in China to process payments in digital yuan, the central bank digital currency of the country, automatically depositing digital yuan into their respective accounts.
DBS’s digital yuan collection service introduces an approach for businesses to gather digital funds, effectively eliminating the need for manual settlement processes. Additionally, it opens up the opportunity for companies to accept digital payments, even in areas where internet connectivity is sparse.
Businesses can easily reconcile transactions through detailed merchant reports that track digital yuan transactions, all accessible via DBS IDEAL, the bank’s specialized business banking platform. Moreover, it is jointly overseen by DBS and UnionPay Merchant Services, DBS’s partner that onboarded this solution.
DBS Bank’s Group Head of Global Transaction Services, Lim Soon Chong, stated that this payments solution represents a crucial leap toward DBS’s goal of providing immediate, seamless round-the-clock payments for its customers, “enabling instant and frictionless 24/7 payments for our customers.”
Since its experimental debut in April 2020, digital yuan adoption has seen a steady uptick across 26 Chinese cities and 17 provinces, with over 13.6 billion digital yuan have been in circulation since December 2022.
DBS China has been participating in Project Guardian, an initiative created by the Monetary Authority of Singapore to create an interoperable framework for cross-border payments:
“Under this model, all participants interact with a common ledger […] This enables digital assets to be exchanged directly without the need for bilateral setups between organisations or with other networks.”
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
[ad_2]
Source link
