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Singapore Firm Strikes Cross-border Digital Yuan Deal with Chinese Bank

A Singaporean payments firm has sealed a “cross-border” digital yuan cooperation deal with a major Chinese bank, in another breakthrough for the CBDC. As Per the Shanghai Securities News, the deal was concluded by Thunes, a global payment infrastructure provider, and the China Construction Bank (CCB). Thunes, headquartered in Singapore, is a B2B payments provider to customers such as Uber and Deliveroo. The deal will see Thunes and the CCB “cooperate to explore digital yuan cross-border [settlement] and payment solutions.” It will allow parties to make digital yuan settlements in “export-based cross-border e-commerce” and a range of “remittance scenarios.”

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