Ant-backed MYbank to help China expand digital yuan trial

Ant-backed MYbank to help China expand digital yuan trial


China’s central bank is pushing exposure to its ongoing national digital currency pilot by enlisting two major private banks in the project.

According to a Feb. 22 Bloomberg report, MYbank and WeBank will help the People’s Bank of China extend its user exposure in the ongoing pilots of its central bank digital currency, the digital yuan

As part of the integration, MYbank’s service will soon be introduced to the PBoC’s digital yuan app, people familiar with the matter told Bloomberg.

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The e-wallets by MYbank and WeBank will reportedly have exactly the same functions as those from the six state-owned lenders in the trial. As previously reported, the PBoC has been collaborating with state-owned banks like the Bank of China, China Construction Bank, the Industrial and Commercial Bank of China, and the Agricultural Bank of China on the project.

A spokesperson for MYbank told Bloomberg that the bank will “steadily advance the trial pursuant to the overall arrangement of the

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