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 digital renminbi cross-border payment infrastructure.

The agreement marks another step in Standard Chartered’s efforts to expand its participation in China’s central bank digital currency (CBDC) ecosystem. CBETS, established and managed by the Digital Currency Institute of the People’s Bank of China, is responsible for developing and operating blockchain-based infrastructure for cross-border digital RMB transactions.

The CBETS platform supports integration with central bank payment systems and digital currency networks while allowing overseas financial institutions to connect directly. It offers 24/7 smart payment capabilities that can operate both on-chain and off-chain, aiming to improve the efficiency of cross-border RMB settlements.

Standard Chartered Signs CBETS Agreement to Expand

Jerry Zhang, Global Head of RMB Commercialisation and Global Head of Banks and Broker Dealers at Standard Chartered, said digital infrastructure is a key component in advancing the internationalisation of the renminbi. He noted that the bank sees digital currencies as having transformative potential and intends to contribute to building a secure and compliant digital RMB ecosystem that delivers seamless cross-border payment experiences for global clients.

Rene Michau, Global Head of Digital Assets at Standard Chartered, said the agreement reflects the bank’s commitment to bridging the digital asset economy with traditional finance. He described CBDCs as an important part of the digital economy and said participation in the CBETS platform strengthens Standard Chartered’s cross-border strategy by offering more efficient and secure digital payment services to clients in China and overseas.

Standard Chartered has been actively involved in the development of the digital RMB ecosystem for several years. The bank joined the e-CNY pilot programme in 2023 as one of the first foreign banks and has participated in the mBridge multiple CBDC project since 2022. Its Hong Kong operations already support year-round instant settlement transactions with participating mainland Chinese banks.

The bank also maintains one of the largest overseas RMB business networks among international lenders, delivering integrated RMB services across 35 international markets while holding direct participant status in CIPS in both mainland China and Hong Kong.

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