HSBC China launches corporate digital RMB business

HSBC Bank (China) Co., Ltd. ("HSBC China") recently announced that it has launched digital RMB services for its corporate customers, becoming the first foreign bank that can provide digital RMB services to both corporate and retail customers. Recently, new progress has been made in the field of digital RMB, and the application pilot has continued to expand. HSBC's expansion of services to enterprises shows that foreign banks are actively using digital RMB to improve customer service capabilities and help the development of the digital economy. Since the launch of personal digital RMB services in November 2023, HSBC China has continued to deploy in the field of digital RMB. This time, through close cooperation with the digital RMB operator Bank of China, HSBC China will expand its services to the corporate side and launch digital RMB public wallet-related services to its corporate customers. Corporate customers can bind digital RMB wallets to bank accounts for management and automatically deposit digital RMB into bank accounts. As the first transaction after the launch of the enterprise digital RMB service, HSBC made an attempt in the field of education this time, assisting the bilingual education group Nord Anglia Education Group to open digital RMB services for its six schools in Shanghai, Beijing, Guangzhou, Jiaxing and Suzhou, and helping it successfully complete the first digital RMB collection, further expanding its collection channels and empowering the construction of smart campuses. (Financial Frontline)