Standard Chartered Bank ventures into China’s Digital Yuan project


  • Standard Chartered Bank joins trials of China’s digital yuan (e-CNY), becoming one of the first foreign banks in the program.
  • The bank explores applications in cross-border payments, trade financing, and supply chain financing with e-CNY.
  • Standard Chartered collaborates on a report with PricewaterhouseCoopers and participates in a digital currency bridge project in Hong Kong, demonstrating the feasibility of digital currencies in enhancing banking services.

Standard Chartered Bank has announced its participation in the trials of China’s digital yuan, also known as the e-CNY. This move positions Standard Chartered as one of the first foreign banks to engage directly with China’s Central Bank Digital Currency (CBDC) initiative, highlighting a significant shift in the digital currency ecosystem.

Digital Yuan: A step towards future banking

According to a November 27 announcement, Standard Chartered, through its partnership with City Bank Clearing Services Co, is set to offer its clients a comprehensive suite of services related to the e-CNY. These services will include the ability to purchase, exchange, and redeem the digital yuan within Standard Chartered bank accounts. Xiaolei Zhang, President of Standard Chartered China, expressed optimism about the development prospects of the digital Renminbi, reflecting the bank’s long-standing commitment to the Chinese market.

The bank’s participation in the e-CNY CBDC pilot testing program, currently active in 26 cities and provinces across China, indicates a strategic move to explore various digital currency applications. Areas of exploration include cross-border merchant payments, trade financing, and supply chain financing. This diversification into digital currency realms signifies a potential transformation in international banking operations and financial transactions.

Standard Chartered Bank leveraging CBDC for enhanced banking services

In May 2023, Standard Chartered, in collaboration with PricewaterhouseCoopers China, released a report titled “Central Bank Digital Currency to Create a Future Banking Ecosystem.” This report delved into the application prospects of CBDCs in various sectors, including retail, trade, and supply chain finance. The report emphasized the potential of CBDCs to revolutionize banking ecosystems by facilitating more efficient, secure, and accessible financial services.

Additionally, Standard Chartered’s involvement in the “Multilateral Central Bank Digital Currency Bridge” proof-of-concept test project in Hong Kong last year marked a significant step towards enabling cross-border payment settlement services for retail and enterprise clients. The success of this project demonstrated the feasibility of employing a central bank’s digital currency for supporting diverse payment and settlement services in cross-border trade.

China’s central bank recently published a white paper titled “A Cross-Border E-Commerce Business-to-Business Digital Renminbi Application Solution,” encouraging the integration of the e-CNY CBDC for consumer transactions. This initiative is a testament to the expanding role of digital currencies in facilitating commercial payments. Since its inception in 2020, transactions using e-CNY have exceeded 1.8 trillion yuan ($253.6 billion), with the number of digital wallets reaching a staggering 120 million.


The entry of Standard Chartered into the Digital Yuan trial marks a pivotal moment in the evolution of digital currencies. As traditional financial institutions begin to embrace and integrate these new forms of currency into their operations, the landscape of global finance is poised for significant change. Standard Chartered’s proactive approach in this domain not only reinforces its position as a forward-thinking bank but also underscores the growing relevance of digital currencies in today’s financial world. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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