The Chinese branch of one of the largest international banking conglomerates, the British HSBC, has provided corporate clients with the opportunity to conduct transactions with the digital yuan (e-CNY).

HSBC became the first foreign credit institution to offer both individuals and legal entities the digital currency of the Chinese central bank.

HSBC China corporate clients will be able to link digital yuan accounts to regular fiat accounts for automatic e-CNY replenishment. As its first transaction, Nordea Education Group transferred e-CNY to six branches of its company in several Chinese cities.

The People’s Bank of China (PBoC) promises that as the use of the digital yuan expands, transactions with it will cover not only retail payments, but also cross-border payments.

Earlier, the Hong Kong Monetary Authority announced the launch of testing the capabilities of cross-border settlements with counterparties from mainland China in digital yuan.