Standard Chartered Bank is headquartered in the United Kingdom and claims to be an international bank that has been rooted in the Chinese market for more than a century.

Standard Chartered Bank has announced its upcoming participation in China’s digital yuan (also known as digital yuan CBDC), with a pilot project set to begin on November 27.

The bank stated that it will provide customers with digital renminbi exchange, exchange and other services. In addition, the bank stated that it will access the digital currency interconnection platform through City Bank Clearing Services Co., Ltd.

Standard Chartered Bank said it is “optimistic” about the digital yuan and its potential use in international merchant payments, trade finance and supply chain finance.

The bank also highlighted its previous involvement in the digital yuan, including a proof-of-concept test conducted in September 2022 and a collaborative report published in May 2023 with PwC China.

Standard Chartered calls itself "one of the first foreign banks to participate in the digital RMB business pilot." The company is headquartered in the UK but does not operate in the country; it calls itself an international bank that has been rooted in the Chinese market for more than a century. Standard Chartered is currently the 43rd largest bank in the world, with total assets of $819 billion as of 2022.

China's CBDC plans gradually expand

Standard Chartered Bank acknowledged the digital yuan’s status as a central bank digital currency (CBDC), noting that these forms of currency can be used for transactions by individuals and businesses. The statement added that China is one of the first countries to carry out large-scale pilots, and said the program covers 26 pilot areas.

Other reports on China’s CBDC suggest that its availability is gradually expanding. In February, China distributed millions of dollars in digital yuan to the public. In March, one province reported digital yuan payments of $22 billion, while the popular social media app WeChat began accepting payments. In April, there were reports that government employees in one city would receive salaries paid in digital yuan.

In May, Chinese e-commerce app Meituan integrated the asset, and in July, certain air travel services began accepting digital yuan. In October, PetroChina conducted the first cross-border crude oil trade involving the asset. #渣打银行  #数字人民币