Press release
Standard Chartered China is among the first foreign banks to sign CBETS Direct Participant Agreement
It will improve clients’ access to cross-border RMB solutions across trade, payments and treasury flows
China – Standard Chartered Bank (China) Limited (“SCB China”) today announced the signing of Cross-border e-CNY Transfer Services (CBETS) Direct Participant Agreement with e-CNY Centre International Co. Ltd, which is established and managed by the Digital Currency Institute of the People’s Bank of China which is responsible for building and operating the cross-border and blockchain infrastructure for digital RMB. We are among the first foreign banks to sign the CBETS agreement.
CBETS serves as a digital RMB cross-border infrastructure service platform, supporting integration with central bank payment systems and digital currency networks. It also allows overseas financial institutions to access its services directly, offering round-the-clock smart digital payment solutions that operate both on-chain and off-chain.
Jerry Zhang, Global Head of RMB Commercialisation and Global Head, Banks and Broker Dealers, said, “Digital infrastructure development is a crucial pillar in advancing the internationalisation of RMB. At Standard Chartered, we recognise the transformative potential of digital currencies and are fully committed to contributing to the development of the digital RMB ecosystem. Our goal is to help build a seamless, secure, and inclusive digital financial infrastructure that delivers efficient, convenient and compliant cross-border RMB payment experience to our global clients.”
Rene Michau, Global Head of Digital Assets, Standard Chartered, comments, “We are committed to becoming a bridge between the global digital asset economy and traditional finance. CBDC is an important infrastructure in the digital economy, and the People’s Bank of China is a pioneer among global central banks in developing and promoting CBDC. The signing of the ‘CBETS’ direct participant agreement showcases our proactive move to take part in the development of CBDC and the digital RMB. It also reinforces our role as a super connector across borders, markets and client segments, bringing our cross-border strategy to life. By participating in this cutting-edge digital RMB cross-border payment system, Standard Chartered will provide more efficient, secure, and convenient digital services to both Chinese and global clients.”
Standard Chartered has played an active role in building the digital RMB ecosystem and continues to explore innovative application scenarios for digital RMB. In 2023, we became one of the first foreign banks to join the e-CNY pilot. Since 2022, we have participated in the mBridge (multiple CBDC bridge) project. At present, Standard Chartered Hong Kong delivers ‘instant settlement, year-round’ transactions with participating banks in mainland China, and transaction volumes have risen rapidly. We also operate one of the largest overseas RMB business networks among international banks, offering integrated RMB services across 35 international markets. We are also the first foreign bank with direct participant status in CIPS in both Chinese mainland and Hong Kong. Our entities in Chinese Mainland and Hong Kong lead all foreign banks in the number of indirect participants and maintain a top position in transaction volumes among CIPS direct participants.
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