An affiliate of Alibaba, Ant Group is on the path of becoming the first major privately run businesses to work with the trials of Digital Yuan of China. According to the recent revelations, an online-only bank in which Ant has a 30% stake, MYbank is allowing users to link their accounts with the Digital Yuan app.
As revealed in the China Securities Journal backed by the state on Monday, the new feature is made accessible to some of the users through the Alipay app of Ant.
Discussing further Alipay, it is one of the two primary mobile applications in China where the usage of smartphones for daily transactions is the norm.
The People’s Bank of China (PBOC) distributed Digital Yuan in the last year which was worth several million dollars through an application that is linked with the six major banks owned by the state.
These recent tests have allowed the selected users to purchase products from participating in brick-and-mortar stores and the e-commerce app of JD.com.
However, the exact nature of its participation in the digital currency project of China was not confirmed by Ant, but it is said that along with MYbank, the group will also be involved with the trials.
As said in the statement released by the company, it was revealed:
In addition to this, the official statement by the company said:
Also, it should be noted that MYbank has said that it had over 35 million small business and individual clients as of the end of the previous year.