- e-CNY payments were used to purchase wealth management services.
- Suzhou is one of the first four pilot cities to launch digital renminbi – China’s legal currency.
- Soochow seeks to expand the level of cooperation with local governments and banks.
Soochow Securities, a financial service company and Bank of China, has launched a digital e-CNY (digital renminbi) payment function. The e-CNY payment function marked the first use case of digital currency. It was used on Monday to purchase investment and wealth management service products through the Bank of China digital wallet.
According to China Securities Journal, a state-backed finance outlet:
Ms. Wu, a customer of Soochow Securities’ Cailian Road Sales Department in Xiangcheng, Suzhou, used the Soochow Securities Xiucai APP to successfully purchase investment and wealth management service products through the Bank of China digital wallet.
As per the journal, the digital renminbi is widely accepted because of its advantages like safety, speed, efficiency, low-cost management, and controllable supervision. Also, the application and usability positively impact social and economic life.
Suzhou is one of the first four pilot cities in China to use the digital renminbi. The municipal party committee and municipal government are focusing on deepening joint innovation and creating the nation’s first-of-its-kind scenarios to be implemented.
Xiangcheng District, Suzhou, as the leading area and the main front of the city’s pilot work, actively explored innovative scenarios and formed a batch of first-hand trial results. The launch of Soochow Securities’ digital renminbi payment application for investment advisory products also marks a new achievement in Xiangcheng District’s “initial scene,” as reported by the journal.
Since 2021, Soochow Securities has collaborated with the Bank of China, China Unicom, and other digital renminbi research institutions to conduct research, resulting in multiple digital currency applications in the securities sector.
Additionally, Soochow Securities seeks to expand its collaboration with local governments and banks to further seek the benefits of the digital renminbi.
It is important to note that e-CNY, also known as digital yuan, is a digitized version of China’s legal currency, the renminbi. However, it is not a cryptocurrency and does not operate on a blockchain.
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