MYbank and WeBank may join the ranks of digital RMB pilot banks
Original Source: China Securities Journal
Author: Zhang Yujie
Original title: " Two private banks are expected to participate in the pilot and institutions compete for the blue ocean of digital renminbi applications "
Reporters from China Securities News learned from relevant parties that MYbank and WeBank may join the ranks of digital renminbi pilot banks. At present, the two institutions are carrying out relevant preliminary work under the guidance of the People's Bank of China.
Two private banks are expected to join
From the previous experience in Shenzhen, Suzhou, Beijing and other places Judging from the digital renminbi pilot activities held, the opening of digital wallets for the digital renminbi APP is limited to the six major state-owned banks including the Industrial and Commercial Bank, the Agricultural Bank, the China Bank, and the Construction Bank.
It is reported that, in addition to the six major state-owned banks, the operating institutions that choose to add wallets in the digital RMB APP, currently both MYbank and WeBank have established Among them, the status of these two banks is "opening soon".
Digital renminbi is an electronic payment method, which is mainly positioned as M0, that is, cash in circulation; The "central bank-commercial bank" two-tier operation model. The digital renminbi is positioned as a public product provided by the People's Bank of China to the public. It does not charge interest and does not charge transaction fees. The major shareholders of MYbank and WeBank are Internet giants, and they are expected to enter the ranks of pilot banks, which has attracted much attention.
Analysts pointed out that the construction of digital renminbi and banking channels continues to deepen, and it will inevitably cover private banks in the future. Among the 19 private banks approved to be established nationwide, WeBank and MYbank rank first in terms of asset size and profitability, and are also the leading Internet banks. Their business models are all "pure online", and they have launched a wealth of Internet financial services. Products cover two categories: individuals and small and micro enterprises.
Infrastructure construction is accelerating
The construction of digital RMB cooperative bank channels has been accelerating last year . The six major state-owned banks have "innate advantages" such as technology and outlets, which are directly connected in internal tests. And a large number of urban/rural commercial banks, rural credit cooperatives and rural banks are expected to be connected through the system clearing platform curve.
In September 2020, the Digital Currency Research Institute of the People's Bank of China (referred to as "Digital Research Institute") and City Bank Clearing Services Co., Ltd. (referred to as "City Bank") Liquidation") held a signing ceremony for a strategic cooperation agreement, and the two parties will carry out strategic cooperation in digital renminbi application projects. City Bank Clearing said that under the leadership of the People's Bank of China and the support of the Institute of Data Science, it will effectively implement the decision-making deployment of the digital renminbi work, better leverage its own characteristics and advantages, and provide financial services for small and medium-sized banking financial institutions such as city commercial banks and private banks. Provide "one-point access" services for the digital renminbi interconnection platform.
In terms of rural financial institutions, in October 2020, the Institute of Mathematics and Rural Credit Bank Fund Clearing Center Co., Ltd. ("Rural Credit Bank Center") signed a Strategic cooperation agreement. The Rural Credit Bank Center will provide small and medium-sized banking financial institutions such as rural credit cooperatives, rural commercial banks, and village banks with digital renminbi interconnection platform "one-point access" new aggregation network services, and steadily promote the research and development and pilot of digital renminbi in rural areas Work.
Although it is considered that there is a competitive relationship, third-party payment institutions and financial technology companies are also involved in the development of digital renminbi solutions and scene construction. At present, third-party payment companies are mainly involved in expanding the application scenarios of digital RMB. For example, JD.com, Meituan, and Lakala have launched digital RMB offline payment scenarios. In the digital renminbi pilot phase, several leading third-party payment institutions are mainly involved in the interface, standardization and blockchain technology traceability verification of digital renminbi acceptance.
The third-party payment company Lakala previously stated on the investor interaction platform that the company participated in the formulation of digital currency acceptance solutions, and actively promoted cooperation with the Institute of Digital Technology and its The system of the designated six major operating institutions has been docked and debugged, and the company's collection terminal can already accept digital renminbi.
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
Related Articles
