The recently introduced platform for merchant collection enables businesses to automatically receive settlements of e-CNY into their bank deposit accounts. DBS further stated that at least one customer has already utilized this platform for a transaction.
According to an announcement made on Wednesday, customers of DBS, a Singaporean bank, now have the ability to accept payments in e-CNY, the digital currency issued by the People’s Bank of China.
DBS has joined Project Guardian, an initiative led by the Monetary Authority of Singapore, which focuses on testing the tokenization of assets and exploring decentralized finance (DeFi) applications within the realm of traditional banking. Additionally, the bank is actively involved in experiments aimed at developing the necessary infrastructure for issuing a programmable digital currency known as the Singapore dollar.
According to official data, the digital currency e-CNY accounts for approximately 0.13% of the total cash and reserves held by China’s central bank.
DBS is the Development Bank of Singapore Limited. DBS Bank Ltd., based in Marina Bay, Singapore, is a Singaporean multinational banking and financial services corporation. DBS, together with OCBC Bank and the United Overseas Bank (UOB), forms the trio of major banks in Singapore known as the “Big Three.”
In addition to its involvement in initiatives like Project Orchid and Project Guardian led by MAS, the bank has actively participated in other ventures. Project Orchid aims to establish the necessary infrastructure for issuing a programmable digital Singapore Dollar (SGD). On the other hand, Project Guardian focuses on exploring the settlement of foreign exchange and government security transactions using permissioned decentralized finance protocols.
