Recently, CIB opened E-CNY services to Fubon Bank (China), the largest Taiwanese-funded bank in mainland China in terms of branch network and asset size. This made CIB the first institution nationwide to support Taiwanese customers in upgrading their E-CNY wallets through a partner bank and to facilitate the first E-CNY corporate wallet receipt transaction for a Taiwanese bank. Taiwanese individuals and enterprises can now access E-CNY services through CIB or Fubon Bank (China) channels, enabling consumers to use E-CNY for payments at Taiwanese business establishments.
Taiwanese customers can bind their Taiwan identity documents through Fubon Bank (China) channels to open a real-name E-CNY wallet. "Compared to anonymous E-CNY wallets, real-name E-CNY wallets have advantages in transfer limits and balance caps," said a representative from CIB's Bank Cooperation Center. By opening E-CNY services to overseas partner banks, CIB aims to further expand the payment channels for Taiwanese compatriots in China, “enhancing” their payment experience.
In December 2023, CIB Shanghai Branch and Fubon Bank (China) signed an E-CNY cooperation agreement. Over the following six months, CIB continuously opened multiple service functions to Fubon Bank (China), including E-CNY wallets for Taiwanese individuals and enterprises, and receipt functionalities. This positioned CIB as the first institution to provide an E-CNY service solution for Taiwan through a partner bank. By the end of April 2024, CIB had provided E-CNY services to over 120 2.5-tier partner banks, establishing six major application scenarios: consumer payments, collection and payment agency, financial services, e-government, cross-border payments, and joint marketing.
Fujian and Taiwan are geographically close and share numerous familial and business ties, positioning them at the forefront of cross-strait integration and development. As a designated E-CNY operating institution, CIB leverages its geographical advantage of being rooted in Fujian. In August 2022, a month after the launch of the CIB Wallet, CIB became the first in the industry to issue real-name wallets for Hong Kong, Macau, and Taiwan residents. The following year, CIB launched the first cross-strait integration E-CNY bond and continued to offer services such as Taiwan dollar to E-CNY exchange, E-CNY payroll payments, and property fee payments, thereby upgrading E-CNY services for Taiwan.