According to overseas media, the People's Bank of China has incorporated Tencent and Alibaba's WeChat Pay and Alipay, as well as WeBank and Internet Merchant Bank, into the digital renminbi systems it is testing in cities such as Suzhou and Shenzhen. This move is obviously to combine the technical capabilities and ubiquitous penetration of the two companies with the goal of promoting the digital renminbi.
According to a report on the Hong Kong Asia Times website on February 26, the inclusion of Tencent and Alibaba in the digital renminbi system has boosted the development prospects of these two companies. The two companies will actively invest funds in the digital renminbi pilot work. Initially, only state-owned banks such as the Agricultural Bank of China and China Construction Bank were listed as the first batch of partners in the pilot work.
According to iResearch Consulting Group, WeChat Pay and Alipay will soon launch digital renminbi wallets on their platforms in order to leverage their share of China’s cashless payment market (the two will account for 95% of the total in 2020). , Faster launch of the synergies needed for the digital renminbi.
"Nihon Keizai Shimbun" stated that China will accelerate the development of a digital renminbi cross-border settlement system.
The report noted that the People's Bank of China announced on the 24th that it would start financial technology cooperation with the Hong Kong Monetary Authority and the central banks of Thailand and the UAE to jointly develop cross-border remittance and settlement mechanisms.
According to the report, China seems to intend to take the lead in formulating digital currency rules. Considering that the central bank's digital currency will gradually become popular in the future, China is already working to create an environment that facilitates cross-border settlement. The Hong Kong Monetary Authority has begun to carry out technical tests on digital RMB cross-border settlement. Now Thailand and the UAE are also participating in the joint research and development of a financial management system based on blockchain technology.
(Source: Reference News Network)
