(Yicai) June 16 -- Standard Chartered Bank China has signed an agreement to join China’s Cross-border e-CNY Transfer Services, or CBETS, making it one of the first foreign banks to participate in the digital yuan trans-border settlement system.

CBETS enables interconnectivity between payment systems and the central bank digital currency systems of various monetary authorities. The system has been developed by the Digital Currency International Operation Center under the guidance of the Digital Currency Research Institute of the People's Bank of China. 

Foreign financial institutions can directly access the platform and it provides 24/7 intelligent digital payment services for both on-chain and off-chain scenarios, Standard Chartered China said in its announcement today.

"Financial technology is fundamentally reshaping the underlying logic of cross-border payments and providing new momentum and pathways for cross-border transactions,” said Jean Lu, chief executive officer of Standard Chartered China. 

“An efficient, convenient, and compliant cross-border payment experience will further enhance the international use of the yuan,” Lu also noted, adding that the bank will continue to work with regulators to develop cross-border financial infrastructure.

The London-based bank has been one of the most active participants in the development of the digital yuan ecosystem. In 2023, it became one of the first foreign banks to participate in the pilot program for e-yuan business.

Standard Chartered said it has consistently been making efforts to boost the internationalization of the yuan, and it now has the most extensive overseas yuan business network among foreign banks, offering comprehensive yuan solutions in 35 international markets worldwide.

Editor: Tom Litting