Standard Chartered Joins China Digital RMB Network

Standard Chartered Bank (China) Limited, part of the Standard Chartered Digital RMB Network, has strengthened its presence in China’s digital currency ecosystem by signing a Cross-border e-CNY Transfer Services (CBETS) Direct Participant Agreement with e-CNY Centre International Co. Ltd. The move enhances its role in cross-border digital RMB infrastructure and places the bank among the first foreign institutions with direct access to the system.

The CBETS platform functions as a cross-border infrastructure for the digital RMB and supports connections with central bank payment systems as well as digital currency networks. Furthermore, it enables overseas financial institutions to access services directly and provides around-the-clock digital payment capabilities through both on-chain and off-chain settlement mechanisms. As demand for faster and more efficient international payments continues to grow, the platform aims to enhance cross-border transaction efficiency while maintaining compliance and security standards. 

Jerry Zhang, Global Head of RMB Commercialisation and Global Head of Banks and Broker Dealers at Standard Chartered, emphasized the importance of digital infrastructure in promoting the international use of the renminbi. He stated, “Digital infrastructure development is a crucial pillar in advancing the internationalisation of RMB.”

Standard Chartered Joins China Digital RMB Network

He added that the bank recognizes the transformative role of digital currencies and remains committed to supporting the development of the digital RMB ecosystem. According to Zhang, the objective is to help create a seamless, secure, and inclusive financial framework that delivers efficient and compliant cross-border RMB payment experiences to clients worldwide. Meanwhile, Rene Michau, Global Head of Digital Assets at Standard Chartered, highlighted the strategic significance of central bank digital currencies. He said, “We are committed to becoming a bridge between the global digital asset economy and traditional finance.”

He noted that the People’s Bank of China has taken a leading role in developing and promoting CBDCs, while the CBETS agreement demonstrates Standard Chartered’s intention to actively participate in the evolution of digital currency infrastructure. The latest agreement builds on Standard Chartered’s several years of involvement in digital RMB initiatives. In 2023, the bank became one of the first foreign institutions to join the e-CNY pilot program. Additionally, it has participated in the mBridge project since 2022, exploring multi-CBDC cross-border payment solutions.

At the same time, Standard Chartered Hong Kong has facilitated instant settlement transactions with participating mainland Chinese banks, with transaction volumes growing steadily. Moreover, Standard Chartered operates one of the largest overseas RMB networks among international banks, providing integrated RMB services across 35 global markets. The bank also became the first foreign institution to secure direct participant status in CIPS in both mainland China and Hong Kong, reinforcing its position as a key player in cross-border RMB transactions and digital financial innovation.

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