The launch of the e-CNY payment function on Soochow Securities’ app is expected to further promote the integration of financial technology and the digital yuan.
It will also help foster the development of the digital economy, according to China Securities Journal. The PBOC has been encouraging financial institutions to develop digital yuan applications as part of its effort to build an efficient and secure digital payments system.
Soochow Securities is the latest financial institution to launch e-CNY payments. Last month, the Industrial and Commercial Bank of China (ICBC) launched its app with an e-CNY payment function, while the China Construction Bank (CCB) launched its own app in October.
With the launch of Soochow Securities’ app, the three major Chinese banks now offer e-CNY payments.
The launch of the e-CNY payment function on Soochow Securities’ app is expected to further promote the adoption of the digital yuan and the development of the digital economy.
It will also help foster the integration of financial technology and the digital yuan, and bring more convenience to investors when purchasing wealth management products.
