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HSBC Bank (China) (NASDAQ: HSBC) has announced an expansion of its suite of digital yuan services to corporate clients ahead of the formal launch of the central bank digital currency (CBDC). According to an official statement by the Chinese arm of the global bank, corporate entities can link their bank accounts with existing or new digital yuan accounts to manage their funds. The integration will allow corporate clients to seamlessly deposit digital yuan into their bank accounts without the hassle of switching between multiple applications. Zeng Su, Managing Director of HSBC China’s Global Payment Solutions Department, disclosed that the bank has been moving toward expanding its array of digital yuan services to corporate clients since the last quarter of 2023. The bank’s latest efforts are geared toward supporting the People’s Bank of China (PBoC) pilot studies, testing the ecosystem for a commercial rollout. “As one of the major foreign banks in China, HSBC is leveraging its rich experience in payment settlements, actively exploring technological innovations, and business model planning to participate in promoting China’s digital financial development and empowering the digital economy,” said Su. Apart from linking accounts, corporate clients will be able to bind their cards with the digital yuan mobile app. There is speculation that HSBC may provide corporate account holders access to offline payment functionalities akin to the services rendered to retail customers. In 2023, HSBC (China) tested the waters by offering CBDC services for retail clients to support adoption rates, racking up promising results along the way. At the time, HSBC joined an exclusive list of financial institutions, including Hang Seng Bank (NASDAQ: HSNGF), Fubon and Standard Chartered (NASDAQ: SCBFF) to provide CBDC services for individual customers. With the latest play, HSBC has surged ahead to become the only player with digital yuan offerings for corporate…

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Filed under: News - @ June 16, 2024 5:10 am