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HKMA launches digital yuan pilot



The Hong Kong Monetary Authority is set to launch e-CNY, or digital yuan, initially using four mainland banks to open digital wallets, Sing Tao Daily reported. Locals can open e-CNY wallets through Industrial and Commercial Bank, Bank of China, Construction Bank, and Bank of Communications, adding value via the Faster Payment System or by binding a bank card. The move expands the digital yuan pilot scheme, facilitating cross-border payments for Hongkongers and spending in the SAR for mainland visitors. The HKMA noted card receivables shrank by 5.3% in the first quarter to HKD151.5bn (USD19.4bn) after festive spending subsided.

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