Standard Chartered said it has also joined the CBDC's business pilot, becoming one of the first foreign firms to do so.
China's digital yuan, also known as e-CNY, is the most advanced CBDC among those being researched or developed by major economies, reaching 1.8 trillion yuan (USD 250 billion) in transaction volume as of the end of June 2023.
Few banks have been enabling their customers to transact with China's CBDC. In May 2023, French bank BNP Paribas (BNP) was reported to be promoting the use of China's digital yuan by linking its corporate clients' wallets to bank accounts.
In November 2023, Standard Chartered has become the cash management bank for payments service provider Checkout.com in the Middle East and North Africa (MENA) region.
The collaboration aims to enhance operational efficiency for Checkout.com's merchants in the area by integrating payment systems and establishing a robust infrastructure. The partnership focuses on providing an improved client experience through multi-currency coverage, extended funding cut-off times, liquidity management, foreign exchange execution, transparent pricing models, and automated settlements.
Checkout.com, with an acquiring license in the UAE, emphasizes its commitment to operational excellence through this strategic collaboration with Standard Chartered.
In the same month, Visa and Standard Chartered have partnered to offer instalment payment options to credit cardholders in the Asia Pacific (APAC) using Visa Instalment Solution.
The collaboration allows Standard Chartered's credit cardholders to choose Buy Now, Pay Later (BNPL) options, splitting purchase repayments at the point of sale in participating merchants. The service will be initially available in Malaysia, followed by Singapore in the next year, with plans for further expansion.
Visa Instalment Solution, a network solution, converts existing credit lines into BNPL options, providing flexibility and convenience to cardholders and potentially increasing transactions at the point of purchase. The two companies aim to address the growing demand for BNPL in the APAC region and enhance the purchasing decisions and shopping experience of Visa credit cardholders.
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