BNP Paribas China Collaborates with Bank of China to Launch Digital Wallet Services
Published: May 04, 2023
BNP Paribas (China) Limited (“the Bank” or “BNP Paribas”) announced its collaboration with Bank of China in launching digital wallet services and promoting interbank wallet application of the digital currency e-CNY.
Through this collaboration, BNP Paribas will connect its system with Bank of China and carry out straight-through business operations, and launch a series of fundamental functions in e-CNY, such as digital wallets, to meet corporates’ business needs in e-CNY payments.
Going forward, with the aim of promoting broader e-CNY use cases, as well as a wider scope of e-CNY functionalities, the Bank will continue to work with Bank of China to drive the use of e-CNY in domestic online and offline payments, supply chain finance and utility payments, as well as innovative application in smart contracts and cross-border payment settlement through the m-CBDC Bridge.
CG Lai, Chief Executive Officer at BNP Paribas (China) Limited commented on this collaboration: “We are delighted to participate in this application of e-CNY. With this collaboration, we can further seize the opportunities brought by the digitalisation of banking industry in China. While this collaboration can supplement the Bank’s offline payment collection capabilities and further optimise our clients’ account structure, this also reinforced the Bank’s commitment in China market. Going forward, we will continue to enhance our customer service capabilities through digital innovations and continue our contribution to China’s economy.”
Louise Zhang, Head of Transaction Banking China at BNP Paribas, said: "We have always been committed to providing innovative, efficient cash management and trade financing services to local and multinational clients. The approval to launch e-CNY business will further strengthen BNP Paribas’ digital collection and e-commerce solutions, which would further improve our client experience in digital services. We will continue to seize the opportunities brought by e-CNY and increase our market share in cash management business in the future.”
The e-CNY, or digital yuan, is the fiat currency in a digital form issued by PBoC and has been piloted in various cities since launch. BNP Paribas strives to promote its digital strategy and has been actively collaborating with institutions and enterprises in the fintech ecosystem through a variety of partnerships, adapting to the ever-changing digitisation needs.
Bruno Weill, Chief Group Representative of BNP Paribas for China, said: “The e-CNY will effectively increase the diversity and versatility for payments, and will help improve the efficiency and security of the payment system. We look forward to exploring more digital solutions with our partners and to better address our clients’ needs.”