Last week the Chinese press reported that China Galaxy Securities had received approval from the China Securities Regulatory Commission (CSRC) to launch a pilot for a digital renminbi over the counter (OTC) wealth management product in collaboration with China’s biggest bank ICBC.
The companies previously partnered in a digital yuan sandbox project two years ago during the very early days of China’s central bank digital currency (CDBC) pilots.
“Currently, the company is actively participating in the new phase of capital market financial technology innovation pilots, continuing to enrich the application scenarios of digital renminbi, and gradually building a sound digital renminbi capital market application ecosystem as one of the key objectives,” said Wang Sheng, President of Galaxy Securities, as reported by the Shenzhen Securities Times.
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