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Banking Giant BNP Paribas to Launch China CBDC Wallet Platform

BNP Paribas China has announced it will launch a digital yuan wallet management platform in partnership with the state-owned commercial bank, Bank of China. The platform will enable BNP Paribas China to provide its corporate clients with e-CNY services, including wallet opening and management services, token conversion, and spending options. The two banks will also explore other digital yuan-related business avenues, such as offline digital yuan payments, supply chain financing, smart contracts, and cross-border settlements. Analysts believe the involvement of foreign banks in the digital yuan wallet space could facilitate cross-border payments between China and other countries and usher in new opportunities for the internationalization of the yuan.

(By Tim Alper)

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