BNP Paribas Сhina Plans to Integrate Digital Yuan into Product Line
Corporate clients of the Chinese “daughter” of the financial holding BNP Paribas are able to make transactions with e-CNY in real time, thanks to a partnership with the Bank of China, as reported by the South China Morning Post.
The bank linked wallets with CBDC to bank accounts.
HSBC Hang Seng Bank and China Construction Bank had already implemented similar decisions. BNP Paribas is trying to explore the possibility of using the digital yuan for smart contracts, supply chain financing and cross-border payments.
According to a report from Oliver Wyman, this rapid spread of e-CNY has caused foreign banks to rethink their strategies and consider the competitive advantages of using CBDCs in business-to-business cross-border payments.
In 2022, monetary regulators in China, Hong Kong, Thailand and the UAE, with the participation of 20 commercial banks, processed transactions worth more than 150 million digital yuan ($22 million) as part of a 40-day pilot.
