On Saturday, the state-affiliated China Securities Journal reported that Tencent-backed WeBank and Ant-backed MyBank would participate in the digital yuan pilots alongside the six state banks. Their status is ‘coming soon’.
WeBank says it was China’s first privately-owned bank when it received a license back in 2014. Both banks are online only and are 30% owned by their high-profile founders. They are amongst the largest private banks in terms of both assets and profitability.
The digital renminbi wallet will be integrated into their offerings.
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