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Ant-backed MYbank to Support Digital Yuan Trial

Crypto Professional - Jamie

China's central bank is pressing for attention to its current national cryptocurrency pilot by enrolling two big private banks into the initiative.

As per the Bloomberg statement on Monday, MYbank and WeBank will enable the People's Bank of China to broaden its consumer visibility in the upcoming pilot of its virtual money, the digital yuan bank.

As part of the integration process, the MYbank service will soon be added to the PBoC digital yuan app, sources familiar with the situation told Bloomberg.

The e-wallets of MYbank and WeBank are claimed to have almost the same roles as those of the six state-owned lenders in the trial. As previously stated, the PBoC has collaborated with state-owned banks including the Bank of China, the China Construction Bank, the China Industrial as well as Commercial Bank and the Agricultural Bank of China on the program.

A representative for MYbank advised Bloomberg that the bank would "steadily advance the trial pursuant to the overall arrangement of the PBoC”.

As previously noted by Cointelegraph, WeBank is China's top digital bank offering services to more than 200 million customers as of May 2020. The bank has been aggressively working with blockchain technologies in recent years, being one of the first blockchain patent filers in the world in 2019. Chinese internet company Tencent is currently the largest stakeholder in WeBank, with a 30% stake.

Launched in 2015 by Alibaba and its partner Ant Financial, MYbank is a leading online private commercial bank focusing on lending services to small and medium-sized enterprises. The creator of Alibaba, Jack Ma, is the largest shareholder of MYbank, currently owning a 30% stake.

Last week, China's state commercial bank, the Postal Savings Bank of China, launched a biometric hardware wallet in an attempt to improve access to the Central Bank Digital Currency (CBDC).

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