MYbank, a subsidiary of Alibaba’s payment giant Ant Group, is reportedly now aiding China in its effort to develop a digital yuan.
In addition, CNBC reports that the services of MYbank and WeBank will soon be added to the central bank’s official digital yuan app. The e-wallets of MYbank and WeBank will reportedly offer the same functionalities as those from six state-owned lenders which are also participating in the pilot program.
The world’s second-largest economy has been working on the concept of a digital yuan since 2014 in an effort to enable instant payments and bring its economy into the digital age.
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