The bank’s China branch said that it is the first foreign bank in China to offer digital yuan services to both retail and corporate customers.
HSBC Bank’s China entity has started to offer e-CNY services for corporate clients, making it the first foreign bank in the country to provide services linked to the central bank digital currency for both retail and corporate customers, the bank said.
The e-CNY, also known as the digital yuan, is the digital currency issued by the People’s Bank of China. It is a digital version of the Chinese yuan (CNY) and is meant to replace some of the cash in circulation.
HSBC Bank (China) Co. Ltd. said in a statement on Friday that its corporate clients can now link their corporate bank accounts with digital yuan accounts to manage their assets.
The bank said that it has helped an educational group to receive payments in e-CNY for the company’s six branches in Shanghai, Beijing, Guangzhou, Jiaxing and Suzhou.