Several Banks Participate in Digital RMB Pilot

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Private banks on the mainland will be included in the CCP’s digital RMB pilot banks, including Ant Group’s MYBank and Tencent’s WeBank, both of which will be introduced to the digital RMB app’s digital wallet.

China Business News reports that in addition to the six major state-owned banks, MYBank and WeBank are among the operators that have chosen to add wallets to the digital RMB app.

Reuters reported on Feb. 22 that the digital RMB app operator page showed two icons for MYBank and WeBank in gray, indicating “coming soon”.

On the 22nd, shares of Alibaba, the parent company of Ant Group, fell 2.49% and Tencent dropped 3.71%.

A spokesperson for MYBank responded to Reuters, saying, “MYBank, as one of the participating institutions in the research and development of digital RMB, will steadily promote the pilot test in accordance with the overall arrangement of the central bank.” WeBank did not give a comment.

The CCP has been conducting digital RMB pilots in Shenzhen, Suzhou, Beijing and Shanghai one after another since 2020, after digital wallets were limited to six CCP state-owned banks – Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank, Bank of Communications and Postal Reserve Bank.

Source: Epoch Times

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