Standard Chartered and Bank of Communications Join Forces to Drive Digital Currency Application Scenario Innovation

Standard Chartered and Bank of Communications Join Forces to Drive Digital Currency Application Scenario InnovationOn October 21, 2024, the highly anticipated Swift International Banking Operations (Sibos2024) conference grandly opened in Beijing. As a landmark international conference in the financial industry, Sibos2024 attracted financial institutions, technology companies, and experts from all over the world to discuss the latest trends in fintech

Standard Chartered and Bank of Communications Join Forces to Drive Digital Currency Application Scenario Innovation

On October 21, 2024, the highly anticipated Swift International Banking Operations (Sibos2024) conference grandly opened in Beijing. As a landmark international conference in the financial industry, Sibos2024 attracted financial institutions, technology companies, and experts from all over the world to discuss the latest trends in fintech. At this significant event, Standard Chartered Bank and Bank of Communications signed a Memorandum of Strategic Cooperation on Digital Currency, marking a deepening partnership between them in the digital currency field to jointly promote innovation and application of digital currency.

Bill Winters, Group Chief Executive of Standard Chartered, and Zhang Baojiang, President of Bank of Communications, attended the signing ceremony. According to the Memorandum, the two parties will establish a joint working group to conduct a multi-faceted collaboration focused on digital currency, including:

• Exploring the Establishment of a Cross-Border Payment and Settlement Infrastructure System and Mechanism: The joint working group will jointly study the application of digital currency in cross-border payment and settlement, striving to improve the efficiency and convenience of cross-border payment and settlement, providing businesses and individuals with a more convenient and efficient cross-border payment experience.

• Co-creating Richer Digital Currency Application Scenarios: Both parties will work together to explore the application of digital currency in various fields, expanding from payment and settlement to other financial services such as financing, investment, trade financing, etc., offering users a wider range of digital currency application scenarios.

• Promoting the Expansion of Digital Currency's Application Scope: Through the incremental customer value brought by application scenario innovation, the two parties will jointly promote the application of digital currency in more areas, fostering the healthy development of the digital currency ecosystem.

Standard Chartered Bank has been actively involved in the innovation and development of the digital currency ecosystem, accumulating rich experience and professional knowledge in the digital currency field. In November 2023, Standard Chartered Bank (China) Limited became one of the first foreign banks to participate in the digital yuan pilot program, actively exploring the application of digital yuan in areas such as cross-border payments and trade financing. In September 2022, Standard Chartered Bank (Hong Kong) Limited participated in the "Multilateral Central Bank Digital Currency Bridge" proof-of-concept test project, providing cross-border payment and settlement services for real transactions of real businesses through the bridge infrastructure.

Standard Chartered Bank has been deeply involved in the Sibos Annual Conference for 18 years, and this year it will continue to actively participate in this global fintech event. Bill Winters, Group Chief Executive of Standard Chartered, will have a fireside chat with the Sibos organizer and Javier Prez-Tasso, Chief Executive Officer of Swift, the international payments system, at the opening ceremony of Sibos2024, sharing his perspectives on the digital currency and fintech development trends. In addition, several experts from Standard Chartered Bank will participate in speeches and discussions at multiple sub-forums, delving into topics such as artificial intelligence, digital currency, tokenization, ISO20022, sustainable development, embedded finance, and interoperability.

The signing of the "Memorandum of Strategic Cooperation on Digital Currency" between Standard Chartered Bank and Bank of Communications marks a significant step forward for both parties in the digital currency field, driving deeper cooperation between them in the digital currency space, jointly exploring the application of digital currency in areas like cross-border payments, trade financing, etc., providing users with a wider range of digital currency application scenarios, and contributing to the digital transformation of the financial industry.

Here is some background information on the collaboration between Standard Chartered Bank and Bank of Communications:

• Globally Leading Financial Institutions: Standard Chartered Bank and Bank of Communications are both globally leading financial institutions with strong influence in their respective markets.

• Pioneers in the Digital Currency Field: Standard Chartered Bank and Bank of Communications are both financial institutions actively exploring the application of digital currency, having accumulated rich experience and professional knowledge in the digital currency space.

• Complementary Advantages: The two parties have complementary advantages, enabling them to jointly explore digital currency application scenarios and promote the application of digital currency in more areas.

The collaboration between Standard Chartered Bank and Bank of Communications will bring the following positive impacts to the development of digital currency:

• Accelerating the Popularization of Digital Currency Applications: The collaboration will promote the application of digital currency in more areas, accelerating the popularization of digital currency applications.

• Improving Cross-Border Payment and Settlement Efficiency: The collaboration will improve the efficiency and convenience of cross-border payment and settlement, providing businesses and individuals with a more convenient and efficient cross-border payment experience.

• Driving the Digital Transformation of the Financial Industry: The collaboration will drive the digital transformation of the financial industry, providing users with more convenient and secure financial services.

The collaboration between Standard Chartered Bank and Bank of Communications is a microcosm of financial institutions actively embrace the development trend of digital currency, laying a solid foundation for the broader application of digital currency in the future. In the future, we will continue to pay attention to the progress of collaboration between Standard Chartered Bank and Bank of Communications in the digital currency field, looking forward to both parties making greater contributions to the development of digital currency.