What happened
- Specific facts/numbers: The ECB selected two network service provider groupings to connect payment service providers and national central banks to the digital euro platform. The first contract entered into force on 28 September 2026 for the pilot phase, the second starts in May 2027, and both are intended to be ready by 2029 for any live digital euro issuance.
- Institutions involved: The European Central Bank selected Nexi Payments and Deutsche Telekom Business Solutions as one grouping, and Telefónica de España, Telefónica Global Solutions and Indra Soluciones Tecnologías de la Información as the other.
- Regulatory/technical context: The selection follows a call for applications launched on 27 August 2025 and a subsequent tender. The providers will supply connectivity services linking participating payment service providers and national central banks to the digital euro service platform, with issuance still subject to EU legislation and a future ECB Governing Council decision.
- What to watch next: Watch for the May 2027 start of the second provider’s contract and, beyond that, for any ECB Governing Council decision on the next phase of the digital euro project. A 2029 live rollout remains conditional; no firm issuance milestone was identified.
Why it matters
This moves the digital euro from design work toward operational infrastructure, giving banks and payment firms clearer visibility on how they would connect if the project proceeds.
HKMA Relevance
Direct: Another central bank has taken a concrete infrastructure step in CBDC and payments connectivity, an area squarely within the HKMA’s remit and relevant to its own assessment of digital money and cross-border payment architecture.