Ant Group Co (螞蟻集團)-backed MYbank (網商銀行) is to join China’s digital yuan (e-CNY) trial, as the People’s Bank of China (PBOC) charges ahead with rolling out an electronic currency system that could uproot the nation’s payments landscape.
MYbank’s service is soon to be introduced to the central bank’s digital yuan app, people familiar said, requesting not to be identified because the matter is private.
Tencent Holdings Ltd (騰訊)-backed WeBank (微眾銀行) will also participate, one of the people said.
The e-wallets from the two firms will have exactly the same functions as those from the six state-owned lenders in the trial, the person
Tencent and Ant Group Join Digital Yuan Test as Central Bank Seeks to Expand Its Influence
Feb 22 2021 · 14:30 UTC | Updated
Feb 22 2021 · 15:48 by John Kiguru · 3 min read
Photo: Depositphotos
Participation in the digital yuan test will provide MyBank and WeBank with new opportunities.
Tencent’s WeBank and Ant Group’s MyBank have reached a deal with Chinese regulators to pilot test the China digital yuan. The two join a list of six state-owned banks already enrolled to test the CBDC.
China keeps pushing to launch its CBDC “central bank digital currency.” In the latest development, the government has reportedly partnered with two private banks to pilot test the digital Yuan. China wants to spearhead the shift from fiat to digital currency. As some analysts have pointed out, traditional money has been long overdue for an upgrade. In this race, China has taken 6 years but looks set to finalize it in the next two years.