The move expands client access to cross-border RMB solutions across trade, payments and treasury flows.
Standard Chartered Bank (China) Limited (“SCB China”) has signed the 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 do so. The e-CNY Centre is established and managed by the Digital Currency Institute of the People’s Bank of China, which is responsible for building and operating the cross-border and blockchain infrastructure for the digital RMB.
CBETS is a digital RMB cross-border infrastructure platform that supports integration with central bank payment systems and digital currency networks. It allows overseas financial institutions to access its services directly, offering round-the-clock digital payment solutions that operate both on-chain and off-chain.
CBETS: What It Means
Jerry Zhang, Global Head of RMB Commercialisation and Global Head, Banks and Broker Dealers at Standard Chartered, said: “Digital infrastructure development is a crucial pillar in advancing the internationalisation of RMB. At Standard Chartered, we recognise the transformative potential of digital currencies and are fully committed to contributing to the development of the digital RMB ecosystem. Our goal is to help build a seamless, secure, and inclusive digital financial infrastructure that delivers efficient, convenient and compliant cross-border RMB payment experience to our global clients.”
Rene Michau, Global Head of Digital Assets at Standard Chartered, added: “We are committed to becoming a bridge between the global digital asset economy and traditional finance. CBDC is an important infrastructure in the digital economy, and the People’s Bank of China is a pioneer among global central banks in developing and promoting CBDC. The signing of the ‘CBETS’ direct participant agreement showcases our proactive move to take part in the development of CBDC and the digital RMB. It also reinforces our role as a super connector across borders, markets and client segments, bringing our cross-border strategy to life. By participating in this cutting-edge digital RMB cross-border payment system, Standard Chartered will provide more efficient, secure, and convenient digital services to both Chinese and global clients.”
The agreement builds on the bank’s established role in the digital RMB ecosystem. In 2023, Standard Chartered became one of the first foreign banks to join the e-CNY pilot, and since 2022 it has participated in the mBridge multiple CBDC bridge project. Standard Chartered Hong Kong currently delivers instant, year-round settlement with participating banks in mainland China, with transaction volumes rising rapidly.
The bank operates one of the largest overseas RMB business networks among international banks, offering integrated RMB services across 35 international markets. It is also the first foreign bank with direct participant status in CIPS in both the Chinese mainland and Hong Kong. Its entities in both markets lead all foreign banks in the number of indirect participants and hold a top position in transaction volumes among CIPS direct participants.
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