HSBC China has achieved a significant milestone by becoming the inaugural foreign bank in China to introduce e-CNY services for both corporate and retail clients. This innovative service enables corporate customers to seamlessly connect their business bank accounts with digital yuan accounts, streamlining asset management processes.

The e-CNY testing phase commenced in 2019 across major Chinese cities like Shanghai and Beijing. It is a digital counterpart of the yuan, strategically developed to gradually replace physical currency, particularly focusing on everyday retail transactions.

In an effort to roll out corporate e-CNY services, HSBC collaborated with Nord Anglia Education Group, a prominent operator of educational institutions in China. Together, they facilitated e-CNY transactions in six schools situated in Shanghai, Beijing, Guangzhou, Jiaxing, and Suzhou, marking a significant milestone for the bank in the e-CNY landscape.

Lin Cheng, the deputy director of finance and tax at Nord Anglia, emphasized the advantages of e-CNY, including cost efficiency, immediate settlements, and the automated conversion feature offered by HSBC. Cheng highlighted that these attributes contribute to cost reduction and operational efficiency, viewing the expanding e-CNY infrastructure as an opportunity for digital progress in school administration.

Recently, Hong Kong introduced digital wallets to facilitate cross-border e-CNY transactions, aiming to enhance e-CNY adoption among its populace. Individuals looking to establish a digital yuan wallet need to undergo the necessary procedures through authorized banks like the Bank of China, Bank of Communications, China Construction Bank, or Industrial and Commercial Bank of China.