Bank of Beijing Commits to “Comprehensive Strengthening” of Digital Renminbi Services

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Regional lender Bank of Beijing has committed to stepping up services in relation to the Chinese central bank digital currency (CBDC), often referred to as the “E-yuan” or “digital renminbi.”

Bank of Beijing said to state-owned media on 28 May that it would “consolidate the foundations for the development of the digital renminbi and comprehensively raise digital renminbi service capability.”

“As one of the first cooperative banks to successfully integrate with the digital renminbi interlinkage and interconnection platform, [Bank of Beijing] will comprehensively achieve integration with the various functions of digital renminbi apps,” said a bank representative.

The municipal lender highlighted strengthening of fintech support for the development of the digital renminbi, including the undertaking of broad industry technological cooperation, and the active exploration of integrated applications involving smart contracts and the blockchain.

Bank of Beijing said that it had actively cooperated with the primary digital renminbi operating organisations to provide digital renminbi linked account and exchange services to over 16,000 customers.