Bank of China Hong Kong (2388) announces that the second phase of its Digital Renminbi (e-CNY) Priority Experience Events, organized in collaboration with Bank of China mainland branches, was a success. This follows authorization from the Hong Kong Monetary Authority late last year for the bank to start the RMB digital sandbox test. Digital Renminbi is the Chinese version of CBDC.

Qualified customers who participated in the experiment were able to see the real-world applications of digital RMB. Customers can top up their digital wallets in RMB using the Bank of China Hong Kong mobile banking app and spend the digital money at a variety of businesses in both mainland China and Hong Kong.

Customers predominantly used the digital RMB for offline transactions on the mainland during the event, especially for small and high-frequency purchases covering food and beverage, transportation, and retail purchases. The bank also provided local retailers that accept digital RMB with Hong Kong dollar clearing and acquisition services, certifying the use of digital RMB for consumption in Hong Kong.

Bank of China Hong Kong says it will once again partner with mainland Bank of China branches to launch the first “Cross-Border Shopping Festival” in Hong Kong, which will include digital RMB. Selected customers will get RMB digital red packets for consumption, giving them a personal experience with the convenience of digital RMB cross-border payments.

The deputy director general of Bank of China Hong Kong digital currency special working group submitted a RMB digital sandbox test report to the Hong Kong Monetary Authority. The group plans to refine the product package based on feedback from merchants and customers. The focus is on streamlining the customer journey from app to wallet activation, improving customer experience, and promoting merchant acceptance of digital RMB. This will enable mainland tourists to use digital RMB for payments in Hong Kong, save merchants on fund clearing costs, and strengthen Bank of China Hong Kong’s cross-border financial services.