Bank of Communications Teams up with on 20M Yuan Digital Renminbi Giveaway in Shanghai and Suzhou


Big state-owned lender Bank of Communications (BOCOM) will work with e-commerce giant on a new digital renminbi giveaway that will be held concurrently in two different cities in the Yangtze River Delta region.

The 20 million yuan digital renminbi lottery jointly launched by BOCOM and will accept applications from 6 – 12 August, and be held concurrently in both Shanghai and Suzhou.

The campaign will see the awarding of “red packets” (the traditional Chinese gift-giving envelope) each containing 20 yuan in the digital renminbi, as well as 20 yuan digital renminbi consumer vouchers that can be used with the app.

Residents of both Shanghai and Suzhou can apply to participate in the digital renminbi giveaway by registering via a designated campaign page on the app.

The draw for winners of the lottery will be held from 13 – 16 August, with the digital renminbi awards effective for usage during the period from 16 – 29 August.

Each of the digital renminbi red packets will be usable at both the online and offline retail sites of in Shanghai and Suzhou, as well as at retail outlets, designated restaurants and supermarket chains that support digital renminbi usage.

A spokesperson from BOCOM said that the giveaway would further support the integrated development of the Yangtze River Delta, and efforts to transform Shanghai into a leading international hub for consumption.

“The digital renminbi helps to increase the efficiency and security of the payments system, provides the public with a new form of general payments, and further raises the ability of finance to service the real economy and expand financial inclusion,” said the BOCOM spokesperson.

“BOCOM, as one of the designated digital renminbi operators, strives to create a convenient, secure and reliable digital renminbi services system, actively drive the development of digital renminbi scenarios in trial cities, and raise the application results of the digital renminbi by diversifying online and offline applications.

“This will provide members of the public using the digital renminbi with greater benefits and convenience.”