The Postal Savings Bank of China has become one of the appointed research and development institutions for the electronic Chinese yuan (e-CNY), allowing the bank to hold a first-mover advantage in the competition for position in China’s electronic payments market, its owner, the state-owned China Post Group, said in an article.
Fast facts
- The bank is one of the six large state-owned banks designated for e-CNY development, alongside China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, and Bank of China. According to its website, the Postal Savings Bank focuses on rural, urban and rural residents and small- and medium-sized enterprises.
- Various banks are attempting to be competitive on e-CNY development. As of the end of August, there were already 35 banks that support recharging e-CNY wallets, including state-owned banks, joint-stock banks, city commercial banks, rural credit cooperatives and rural commercial banks.
- In July, China’s central bank, the People’s Bank of China, issued a white paper on China’s e-CNY research and development progress, which said the digital yuan adopts a two-tier operation model, with the central bank issuing e-CNY while six leading state-owned banks account for its operation.