Standard Chartered China Connects to Cross-border e-CNY Transfer Network

Standard Chartered Bank (China) Limited (SCB China) has signed a Cross-border e-CNY Transfer Services (CBETS) Direct Participant Agreement with e-CNY Centre International Co, Ltd, becoming one of the first foreign banks to join the cross-border digital renminbi payment infrastructure.

The agreement marks another step in the bank’s participation in the development of China’s central bank digital currency (CBDC) ecosystem and its expansion of cross-border RMB payment capabilities.

CBETS serves as a digital RMB cross-border infrastructure platform that supports integration with central bank payment systems and digital currency networks. The platform enables overseas financial institutions to access its services directly while supporting both on-chain and off-chain digital payment transactions around the clock.

Standard Chartered China Connects to Cross-border e-CNY Transfer Network

Jerry Zhang, Global Head of RMB Commercialisation and Global Head of Banks and Broker Dealers at Standard Chartered, said that digital infrastructure plays a central role in the internationalisation of the renminbi. He stated that the bank is here to contribute to the digital RMB ecosystem by helping build a secure and compliant financial infrastructure that delivers efficient cross-border RMB payment services for global clients.

Rene Michau, Global Head of Digital Assets at Standard Chartered, said the bank aims to serve as a bridge between the digital asset economy and traditional finance. He described central bank digital currencies as a key component of the digital economy and noted that the People’s Bank of China has been a pioneer in CBDC development. According to Michau, participation in the CBETS platform strengthens Standard Chartered’s cross-border strategy while enabling more efficient and secure digital payment services for customers in China and international markets.

Standard Chartered has been involved in several digital RMB initiatives over recent years. In 2023, it became one of the first foreign banks to participate in the e-CNY pilot programme. Since 2022, it has also taken part in the mBridge multiple CBDC project, while Standard Chartered Hong Kong currently facilitates year-round instant settlement transactions with participating banks in mainland China.

The bank also operates one of the largest overseas RMB networks among international banks, offering integrated RMB services across 35 markets and holding direct participant status in the Cross-Border Interbank Payment System (CIPS) in both mainland China and Hong Kong.

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