Bank of Communications and Standard Chartered Bank sign digital currency strategic cooperation memorandum

On October 21, the 2024 Swift International Banking Operations Conference (Sibos 2024) took place in Beijing. During the event, Bank of Communications signed a Memorandum of Understanding for Strategic Cooperation on Digital Currency with Standard Chartered Bank. The signing ceremony featured prominent figures including Zhang Baojiang, President of Bank of Communications, and Bill Winters, Group CEO of Standard Chartered.

The Memorandum outlines the establishment of a joint task force aimed at collaboratively exploring the foundational infrastructure and mechanisms for cross-border payment settlements using digital currencies. The goal is to enhance the efficiency and convenience of cross-border transactions and to create a wider variety of application scenarios for digital currencies. This innovation in application scenarios is expected to generate incremental customer value, ultimately expanding the reach of digital currency.

Looking ahead, Bank of Communications plans to rigorously implement the directives from the 20th Central Committee’s Third Plenary Session regarding the steady advancement of digital renminbi research and application. The bank aims to leverage its advantages as an operator of digital renminbi while deepening collaboration with global financial institutions on comprehensive digital currency development and promotion. This initiative is expected to improve financial service efficiency and user experience, contributing to the high-quality development of the digital economy.