China Enlists Ant-backed MYbank in Expanding Digital Yuan Trial
- Tencent-backed WeBank also will join China digital yuan pilot
- The banks’ services will be introduced on digital yuan app
Photographer: Shen Longquan/VCG/Getty Images
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Ant-backed MYbank will join China’s digital yuan trial as the central bank charges ahead with rolling out an electronic currency system that could uproot the country’s payments landscape.
MYbank’s service will soon be introduced to the People’s Bank of China’s digital yuan app, people familiar said, requesting not to be identified because the matter is private. Tencent-backed WeBank will also participate, one of the people said. The e-wallets from the two firms will have exactly the same functions as those from the six state-owned lenders in the trial, said the person.