Cross-Border Cooperation for Digital Yuan
A Singaporean payments firm, Thunes, has successfully concluded a partnership deal with the China Construction Bank (CCB), one of China’s “big four” commercial banks, to explore cross-border digital yuan settlements. Thunes is a global payment infrastructure provider headquartered in Singapore, catering to B2B payments for clients like Uber and Deliveroo.
The cooperation between Thunes and CCB will pave the way for the exploration of digital yuan settlements in export-based cross-border e-commerce and various remittance scenarios. This marks a significant breakthrough for the central bank digital currency (CBDC), which was initially intended for domestic use.
