![]() Sophie Yang, Regional Treasurer APAC, Henkel “We would like to pilot eCNY collection with one of our core distributors” Over the past two years, the Germany-based company has developed digital marketplaces 3 for its beauty care and laundry/home care business units. However, corporates are already keen for a broader adoption of the eCNY, as Henkel’s Sophie Yang outlined. So, the digital currency currently accounts for less than 1% of travel agencies’ payment volume. “Therefore, they were interested in testing it for small purchases like buying tickets for amusement parks.” The cap on eCNY transactions means it is not yet possible for the company’s customers to use eCNY to pay for an entire holiday on platforms. ![]() The Shanghai-based company was among the corporates chosen by the PBoC to test how the digital currency works in practice, Trip’s head of treasury Xuelin Chen shared during the webinar: “The central bank has made it very clear that the eCNY will, in a first stage, only replace physical cash and coins,” she reported. Source: Deutsche Bank Research, The Future of Money by Marion Laboure, March 2022Ĭhina’s leading role in the field of CBDCs was in evidence during the webinar: Group – one of the world’s largest online travel agencies operating platforms for booking flights, hotels, trains, car rentals and attraction tickets – already offers its clients the option to pay via digital yuan (eCNY). Lane Silverman, Treasury Consultant (Moderator)įigure 1: The digital yuan has been in pilot stage for two years.Chintan Shah, Managing Director, Head of Cash Management – APAC, Deutsche Bank and.Xuelin Chen, Director, Group Treasury, Group.Sophie Yang, Regional Treasurer APAC, Henkel.This article summarises the four key takeaways from the webinar shared by the following speakers: These questions were discussed in a recent webinar titled “Maximising new-age technology and regulatory developments around CBDCs in APAC”, hosted by The Economist and supported by Deutsche Bank. So how do new technologies such as artificial intelligence (AI) and application programming interfaces (APIs) help to improve cash and risk management in the region? What role could central bank digital currencies (CBDCs) play towards easing frictions in the cross-border payment space? And how should corporate treasurers prepare for a future when CBDCs might outstrip incumbent digital payment methods? However, implementing fully automated cross border pooling structures is not easy in jurisdictions with cross-border lending requirements and restricting FX regulations – of which Asia-Pacific has many. Access to liquidity has become essential, so treasurers are seeking solutions to avoid the problem of trapped cash. As geopolitical risks increase and what were black swan events become more frequent, cash concentration is gaining importance for companies around the world.
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