e-CNY (or digital Renminbi) is a digital currency issued by the People’s Bank of China (“PBOC”) and which is held in e-CNY wallets (“Wallet(s)”) provided by the operators authorised by the PBOC outside of the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”). The e-CNY App, developed by the PBOC, is the only official platform that offers e-CNY related services to individual users (“e-CNY App”). You may register as a user of the e-CNY App and set up a Wallet provided by the operators in Hong Kong or pilot area in Mainland China.

At the same time, if you hold the Wallet (with a Hong Kong mobile phone number starting with the area code “+852”), you can enjoy the following services provided by Bank of China (Hong Kong) Limited (“BOCHK”):

• Top up

If you want to top-up the Wallet, you can select “Top Up” in the Wallet on the “e-CNY App” via the official e-CNY service platform, to be redirected to BOCHK Mobile Banking App via the e-CNY App to top up the Wallet using funds in BOCHK HKD or CNY savings/current account.

Bank of China Limited (“BOC”) is one of the operators. If you hold the BOC e-CNY Wallet, you can register it in BoC Pay’s “e-CNY Zone” to top up the BOC e-CNY Wallet using funds in BOCHK HKD or CNY savings/current account in “Top up” service.

• e-CNY Wallet Fund Withdrawal Service

You could visit any Bank of China branch in pilot area in Mainland to withdraw the balance from BOC e-CNY Wallet, or use e-CNY Wallet Fund Withdrawal Service provided by BOCHK to withdraw funds from BOC e-CNY Wallet, and instantly withdraw the equivalent amount of the wallet balance in cash at BOCHK designated branches, subject to relevant requirements.

• BoC Pay’s e-CNY Zone

BOC is one of the operators. BoC Pay’s e-CNY Zone is one of the channels to use the BOC e-CNY Wallet. Services include viewing details of the wallet and transaction records, Scan & Pay, top-up and pay as you go. If you hold the BOC e-CNY Wallet, you can register for e-CNY Zone services at once. Whether you are in Hong Kong or pilot areas in Mainland China, you can effortlessly make payment in e-CNY using just your mobile phone to enjoy a convenient, efficient and new shopping experience.

The e-CNY acquiring service is an integrated billing and transaction management platform that supports electronic payments, along with other functions such as receiving payment, refund and payment reconciliation. It allows merchants to handle day-to-day operation with ease.

Apart from use cases in respect of cross-boundary payment service for individual customers, use of e-CNY can create great value in cross-border corporate transactions in light of e-CNY’s special features. In collaboration with BOC, BOCHK has launched the “Corporate e-CNY Cross-boundary Transactions Pilot Scheme”which allows local corporates to enjoy online services such as e-CNY wallets set-up and e-CNY transfer, withdrawal and exchange services through iGTB NET, our corporate internet banking platform.

By the end of 2023, BOCHK has provided supports to one of our major pilot customers to complete their cross-boundary settlement for a bulk commodity trade using e-CNY. BOCHK, in collaboration with the Shanghai Gold Exchange, has also successfully completed the first cross-boundary settlement for a precious metals trade using e-CNY. This is recognized as a great success in the use of e-CNY in the cross-border financial market transactions.