DBS Bank China Launches Digital Yuan Merchant Collection Solution

Jul 5, 2023

By Jai Pratap | @jai-pratap

Crypto-friendly bank DBS announced the launch of a digital yuan merchant collection solution for business clients. 

The new payment solution will allow mainland Chinese businesses to receive payments in the central bank digital currency (CBDC).

The DBS merchant collection platform allows businesses automated settlement of e-CNY into their bank deposit accounts.

At least one of the clients has already successfully used the platform to conduct a digital yuan transaction, the bank announced.

Payment solution is exclusive to corporate clients of DBS Bank China

As per the announcement, the payment solution will exclusively allow corporate clients of DBS Bank China to collect e-CNY from their customers and conduct automated settlement of the digital currency directly into their CNY bank deposit account.

The CBDC payment solution is designed to bring several benefits, including allowing businesses to collect CBDC “without having to go through manual settlement processes,” the bank noted. 

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