Share this article
Singapore Bank DBS Starts e-CNY Collection Platform for Corporate Clients in China
The newly launched merchant collection solution allows businesses automated settlement of e-CNY into their CNY bank deposit accounts.
Updated Jul 5, 2023, 12:42 p.m. Published Jul 5, 2023, 7:36 a.m.
Clients of Singapore bank DBS can now collect payments from customers in e-CNY, China's central bank digital currency (CBDC), according to an announcement on Wednesday.
The newly launched merchant collection platform allows businesses automated settlement of e-CNY into their bank deposit accounts. At least one client has already used this platform for a transaction, DBS said.
STORY CONTINUES BELOW
The platform will only be available for corporate clients in China, the bank added.
DBS is participating in Project Guardian, launched by the Monetary Authority of Singapore, a project for testing asset tokenization and decentralized finance (DeFi) for traditional banks. The bank is also participating in experiments to build the infrastructure needed to issue a programmable digital Singapore dollar.
e-CNY represents 0.13% of cash and reserves held by China's central bank, according to official data.
Read more: China's Digital Yuan Used to Buy Securities for the First Time: Report
UPDATE (July 5, 2023, 12:37 UTC): Adds additional details from DBS. Updates headline.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Save the Children Introduces Bitcoin Fund to Streamline Crisis Response
New fund enables Save the Children to hold bitcoin, pilot digital wallets, and speed up emergency aid delivery.
What to know:
- Save the Children has launched a Bitcoin Fund to hold cryptocurrency donations for up to four years, allowing donors more control over conversion timing.
- The fund aims to enhance the speed and efficiency of aid delivery by utilizing blockchain technology and piloting new forms of direct assistance.
- This initiative reflects a growing interest in decentralized finance to reduce costs and increase transparency in humanitarian aid.
Top Stories
