DBS Bank in Singapore introduces a merchant platform for collecting e-CNY.

Clients of the Development Bank of Singapore (DBS) can now receive payments from their customers in e-CNY, which is the digital currency of the Chinese central bank, issued by the People’s Bank of China. The announcement regarding this was made on Wednesday, July 5th.

The bank has launched a merchant program that enables businesses to receive payments in digital currency and automatically settle the e-CNY in their DBS bank deposit accounts.

According to information from the Development Bank of Singapore, at least one client has already made a transaction using the platform. When a client pays a business using e-CNY, the funds will automatically appear in the business’s DBS account.

Ginger Cheng, the Chief Executive Officer of DBS Bank (China), stated:

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“Since its launch, we have received strong interest from several clients for this solution, and we are pleased to have completed the first e-CNY collection for a client – a catering company in Shenzhen. By seamlessly integrating a CBDC collection and settlement method into our clients’ existing payment systems, this will help position their businesses for a digital future where consumers in China use e-CNY for their daily activities.”

DBS Committed to Making Digital Innovations to Facilitate Payments with e-CNY

DBS is also involved in other initiatives in the financial technology space. The bank is participating in Project Guardian, a program launched by the Monetary Authority of Singapore (MAS) to explore how asset tokenization and decentralized finance (defi) can work with a bank like DBS. The project aims to investigate the potential benefits and challenges that banks may face when incorporating these new technologies.

Project Guardian includes institutions such as JP Morgan, Japan’s SBI Digital, Marketnode, and Temasek. It utilizes technologies like Aave, Uniswap, and Polygon as part of the infrastructure for testing DeFi and asset tokenization programs.

In the initial phase of Project Guardian testing, transactions were conducted with tokenized versions of the Singapore dollar (SGD), Japanese Yen (JPY), Singapore government securities, and Japanese government bonds.

The bank is also involved in projects related to the creation of infrastructure for issuing programmable digital Singapore dollars. The project aims to determine how to create a digital version of the Singapore dollar that can perform specific functions based on its programming. This is undoubtedly linked to the goal of creating a more efficient financial service.

In addition to the aforementioned projects, DBS has participated in several others. In 2021, it co-founded Partior, a solution for cross-border payments and facilitating the global movement of value for banks. It also took part in Project Orchid, which aimed to establish a framework for issuing programmable digital Singapore dollars.

These developments demonstrate the Development Bank of Singapore’s commitment to exploring digital innovations in order to make payments safer and more efficient. These are significant steps towards transforming the future of money.

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