“The collaboration has once again demonstrated our commitment to the China market,” said BNP Paribas China chief executive CG Lai. “We will continue to enhance our customer service capabilities through digital innovation and contribute to China’s economic development.”
BNP Paribas is the first foreign-owned bank to be included in the country’s digital yuan rollout. Until now, China had only authorized 10 domestic banks to handle their CBDC. Louise Zhang, head of BNP Paribas transaction banking, said the new collaboration will help the bank provide “innovative, efficient cash management and trade financing services to local and multinational clients.”
During this year’s Lunar New Year celebration and Spring Festival in China, there were almost 200 digital yuan-related activities hosted that saw more than 180 million of the digital fiat passed out to citizens in various forms, including subsidies, consumption coupons and other programs.