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Standard Chartered, a multinational British bank, has become one of the first international banks to test China’s digital yuan central bank digital currency (CBDC), known as the e-CNY. The bank will allow its customers to buy, swap, and redeem e-CNY within their bank accounts through its partner, City Bank Clearing Services Co. Standard Chartered is optimistic about the development prospects of the digital Renminbi, considering its long-standing presence in the Chinese market. The bank is also participating in China’s e-CNY CBDC pilot program, which is currently being conducted in 26 provinces and cities. Standard Chartered is exploring various sectors such as supply chain finance, trade finance, and cross-border merchant payments in relation to the e-CNY. The bank previously took part in a proof-of-concept test project called “Multilateral Central Bank Digital Currency Bridge” in Hong Kong, aiming to offer cross-border payment settlement services. In collaboration with PricewaterhouseCoopers China, Standard Chartered published a paper on the potential uses of CBDCs in supply chain finance, retail, and trade. The e-CNY has gained significant traction since its launch in 2020, with over 1.8 trillion yuan ($253.6 billion) in transactions and 120 million wallets. Standard Chartered is also expanding its financial services in Hong Kong, particularly in the cryptocurrency space, driven by institutional investors’ demand.