HSBC and Hang Seng join Standard Chartered and Fubon Bank in China’s Digital Yuan Pilot
HSBC and Hang Seng Bank have officially joined China’s digital Yuan pilot. HSBC China customers can now utilize their debit cards to access personal digital Yuan wallet services. There have been collaborative efforts between foreign banks and China’s financial authorities. International banking giants HSBC and Hang Seng Bank have officially joined China ’s digital Yuan pilot, signalling a pivotal moment for foreign banks in the digital currency space. This comes barely a month after HSBC launched digital asset custody services. This move underscores a growing trend of traditional financial institutions embracing Central Bank Digital Currencies (CBDCs) globally. Foreign banks enter Digital Yuan pilot program Being foreign banks, HSBC and Hang Seng Bank have made headlines as part of the first group of foreign banks to officially announce their participation in China ’s digital Yuan pilot. Reports from the 21st Century Business Heral...