Global banking giants HSBC and Hang Seng Bank have officially joined China’s digital yuan pilot program, marking a significant milestone in the international adoption of the central bank digital currency (CBDC). The announcement was made by a group of “four foreign banks,” with HSBC’s Chinese arm confirming its participation on social media.
Hang Seng Bank (China) and Fubon Bank (China) have also confirmed their involvement in the CBDC pilot, joining Standard Chartered, whose Chinese arm announced its participation earlier in the week. This group of four banks is considered the “first batch of foreign banks to participate in the digital yuan pilot,” signaling potential future participation from additional overseas financial institutions.
According to reports, HSBC China customers can now use their debit cards to access personal digital yuan wallet services. The official digital yuan app allows users to activate and deactivate wallets, and conventional debit cards can be used to top up digital RMB wallets.
Screenshots of the digital yuan app display the logos of the four banks, showcasing their active participation in China’s CBDC initiative. Standard Chartered Bank, in particular, noted that its Mainland China arm has connected to the digital yuan interconnection platform and has started providing customers with digital yuan exchange services.
Both HSBC and Hang Seng have been accelerating their CBDC adoption plans, not only in Hong Kong but also globally. Earlier in the month, Visa announced the successful completion of a Hong Kong Monetary Authority-led CBDC pilot program, in which both banks were participants. Additionally, in Mainland China, HSBC-partnered Bank of Communications recently launched a digital yuan-powered recycling rewards program in Qingdao, encouraging citizens to recycle household waste in exchange for CBDC token rewards.
