The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China's digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported. 

The partnership will enable BNP Paribas China's corporate clients to connect with the BOC system, allowing users to manage their digital yuan wallets by linking them to their bank accounts, track transactions, and make payments using China's digital currency via an e-CNY management system. The e-CNY management system also promises to make it easier and more convenient for clients to use digital cash for real-time transactions.

The e-CNY management system can facilitate “efficient, real-time and convenient [digital cash] practice,” BNP shared, according to The South China Morning Post. 

BNP Paribas China also plans to explore the use of China's central bank digital currency (CBDC) in other areas such as smart contracts, supply chain finance, utility and cross-border payments.

(by Judith BannermanQuist)