Last Updated on May 6, 2023 by Bitfinsider
BNP Paribas has announced a partnership with the Bank of China (BOC) to market China’s digital fiat money to its corporate clients.
BNP Paribas China will be able to link to BOC’s system and develop an e-CNY management system for its corporate clients as a result of the agreement. So far, China has authorized ten banks, all of which are local institutions, to handle its digital currency operations.
According to BNP, the technology may “link the client’s digital yuan wallet to its bank account” to promote “efficient, real-time, and convenient digital cash practice.”
Furthermore, the French bank plans to investigate expanding the use of China’s central bank digital currency (CBDC) to smart contracts, supply chain finance, and utility and cross-border payments.
“The collaboration has once again demonstrated our commitment to the China market, and we will continue to improve our customer service capabilities through digital innovation and contribute to China’s economic development,” said CG Lai, chief executive officer of BNP Paribas China.
BNP Paribas China’s new step, according to Wang Pengbo, senior financial analyst at consultancy BoTong Analysys, “will help promote the digital yuan and expand the range of options for users.”
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