mandag 1. mars 2021

Beijing teams up with tech giants for e-RMB

The People’s Bank of China has integrated Tencent and Alibaba – specifically, their WeChat Pay and AliPay services as well as their newly established WeBank and MYBank –into its beta digital yuan system being trialed in cities from Suzhou to Shenzhen. The move is an obvious bid to dovetail the pair’s technological capabilities and ubiquitous penetration with Beijing’s aim to popularize the e-renminbi.

The two tech juggernauts are believed to have every incentive to align themselves with the PBoC’s drive to amalgamate third-party mobile and online payment platforms with the nascent digital redback and its ecosystem. Still, detractors say the pair will have little recourse if their duopoly is debased when the e-RMB gains currency among the masses.