Singapore's DBS Bank Allows Businesses to Accept Payments in e-CNY

Singapore bank DBS announced the launch of an e-CNY collection platform for business clients, allowing businesses automated settlement of e-CNY into their bank deposit accounts. According to DBS Bank, the platform has been used by at least one client for transactions.

Last month, the Monetary Authority of Singapore (MAS) launched Project Guardian to partner with 11 financial institutions to explore infrastructure models that would facilitate tokenized asset trading, and DBS Bank is one of the participants.

Related: Singapore Explores Tokenized Asset Framework with 11 Financial Institutions including Citi, JP Morgan, HSBC