Other participants include the Shanghai Financial Exchange International Board and the Bank of China (Hong Kong), with participants pledging increased usage of the digital yuan for international transactions.
UBS is joining other major banks in Hong Kong's second digital green bond issuance, launching in February 2024 with a 4.05% target return, leveraging distributed ledger technology for efficiency and transparency.
Chinese banks form global digital currency partnerships to boost CBDC adoption amid regulatory challenges and international economic concerns.
The new update will allow users of the digital yuan app to top-up via Mastercard and Visa payment options as People’s Bank of China seeks to position the CBDC to compete with other payment platforms in the country.
Aside from the CBDC functionality, the Bank of China stated that the SIM cards may support several applications, including access control, car keys, and a digital identity system.
The CBDC pilot initiative hit a road bump following several user complaints, including the limited number of merchants accepting the digital yuan and the lack of expertise in operating the system.
To become the global ‘crypto’ hub, Hong Kong is pushing the three largest banks in the city-state—along with Bank of China—to take on digital asset clients.
A digital management system for corporate clients will encourage "efficient and real-time" adoption of China's CBDC, according to a statement from BNP Paribas.
The product is coming first to the city of Chengdu and will be developed by the Digital Research Institute, the Chengdu Longquanyi District Education Bureau and Tianfutong Financial Services.
