Twenty-six financial institutions signed Cross-border e-CNY Transfer Services direct participant agreements with e-CNY Center International Co in Shanghai on Tuesday, becoming the first group to gain access to CBETS, a cross-border blockchain-based infrastructure service platform designed to support the international use of the digital yuan.
Developed and operated by e-CNY Center International Co, the platform enables participating institutions to connect with the payment and digital fiat currency systems of monetary authorities in different jurisdictions. Direct access to the platform also allows institutions to utilize its round-the-clock smart digital payment solutions that operate both on-chain and off-chain.
The first batch of participants includes Standard Chartered Bank (China) Ltd, along with overseas branches of multiple Chinese banks located in Thailand, Singapore, Laos, the United Arab Emirates, Qatar, Brazil, and the Hong Kong and Macao special administrative regions.
"Digital infrastructure development is a crucial pillar in advancing the internationalization of the RMB," said Jerry Zhang, Standard Chartered's global head of RMB commercialization and global head of banks and broker dealers. "At Standard Chartered, we recognize the transformative potential of digital currencies and are fully committed to contributing to the development of the digital RMB ecosystem."
