SCBFY - Standard Chartered China Is First Foreign Bank To Join China's CBDC Pilot Testing | Benzinga
Standard Chartered ADR (OTCMKTS: SCBFY) Bank (China) announced it initiated the offering of digital yuan exchange services to customers.
What Happened: The multinational bank’s China division is working with City Bank Clearing Services to give customers access to the digital yuan's interconnection platform, offering recharge and redemption.
The digital yuan is China's central bank digital currency (CBDC) and StanChart will be the first foreign bank to join the CBDC business pilot which is currently ongoing in 26 cities and provinces.
As of June 2023, China's digital ...