Exam: Developing Digital RMB Application Scenarios in Business Development

On November 19, the Securities and Exchange Commission of the China Securities Regulatory Commission and the Beijing Municipal Financial Supervisory Authority announced that the first batch of 16 projects will be included in Capital Financial Technology's technological innovation demonstration program.

This is the “management sandbox” provided by the investment industry after the bank in the middle of the financial equipment “management sandbox” pilot project was completed. Promote the sustainable development of financial services and foster digital transformation in the security industry and the future of the economy. Improve the financial management of capital investments and improve the capital structure of enterprises.

RMB Digital Application Scenario Innovation Pilot Project in Security Industry

“Industrialization Digital Yuan Application Scenario Innovation Demonstration Project” is a pilot project announced by Galaxy Securities and the Industrial and Commercial Bank of China. Digital yuan in the security industry.

According to the project presentation report, regarding the innovation of the application scenario, the project focuses on the actual needs of consumers to purchase financial services and purchase financial products, including with the characteristics of the digital renminbi, established in as "digital renminbi to buy financial services against payment." and "in the third-party deposit system", "OTC digital capital asset management assets in RMB" and "meter management assets of digital RMB investment in digital asset management portfolio system 'we security industry application scenarios, such as user money security, money laundering, etc. The goal is to prevent illegal trade, reduce exchange rates and improve finances.

In terms of account type innovation, such as:1. Galaxy Securities Disclosure digital RMB wallet opener 2. Digital RMB wallet bundled into existing third-party depository system 3. Digital asset management wallet opener

Based on the first application scenario in the security industry which uses the digital yuan to purchase market-controlled financial products in the market, the solutions have some differences from the traditional currency. , the following special features:1. New public renminbi wallets for clients 2. Clients now connect their personal renminbi wallets 3. Portfolio management tools

For the security of the industry, on the one hand, the experimental application of the digital yuan can optimize the characteristics of the digital yuan, improve the operational efficiency of consumers, and easily complete customer access through financial and customer security. In order to protect the rights and interests of consumers, on the one hand, there is the need for a national strategy and a change in the payments market.

What does group driving focus on? How to open it?

According to the project report, service goals for digital RMB service generally include the following two types of customers:

1. Make a list of Galaxy Securities a client who has opened a Level 2 or higher Yuan digital wallet.

2. Private users who open digital wallets manage Galaxy Securities wallets after opening Yuan level 2 or above digital wallets.

All of the above users can open an account using their existing business sites and online channels. According to the announcement of the project, it is expected that 13 million clients of the securities industry of Galaxy Securities will participate in this project. However, as the digital yuan is still in its infancy, it is only open to 101 motorists in the city and the Winter Olympics, and a large number of users and digital yuan will be released. in total. It is based on the support of the digital renminbi.

There are three application scenarios for digital renminbi: "digital renminbi investment payment service", "digital renminbi investment management third-party asset deposit system", and "house of digital renminbi investment management assets". investment in digital renminbi ”. Digital Asset Management Wallet System ”, specializing in:

1. A new method of “digital RMB payment” is added to enable consumers to purchase business information, investment advisory services, research capital and other financial services. for

2. In the third deposit administration, the existing consumer money is tied to the digital yuan wallet, and the digital yuan is used for payment when purchasing managed goods in the retail trade.

3. Digital Wealth Management Wallet is an account opened by Galaxy Securities for clients who already have Yuan level 2 or higher digital wallets.

How to understand “digital wallet”?

From the above data, it can be understood that the application of digital yuan in the security industry is mainly used for consumers to purchase financial services and purchase wealth management products, especially to buy and invest in the financial services of Galaxy Securities. A product that manages the wealth in the market.

Financial services are easy to understand, and financial management in stores is often about financial instruments outside of the stock market. For example, wealth management products purchased from banks, ants, bank accounts and other means are all financial management assets.

The concept of “digital portfolio” is mentioned in the project presentation document. This means that Galaxy Securities has opened an account for clients who already have Level 2 or higher digital yuan wallets that allow them to pay in digital yuan for offline purchases. Management of product marketing. How to understand the “digital wallet”?

From the point of view of mobile payment, the "digital wallet" is a "book bank" opened by Galaxy Securities for trading digital yuan and collecting financial products that people used to use with digital yuan. Yuan digital wallets used for shopping are also two or more digital renminbi wallets that users need to apply for to work in offices and some institutions. So it's more of a "name" than a "portfolio" in fact.

In theory, the Chinese Chamber of Commerce and Industry in partnership with Galaxy Securities could offer Galaxy Securities the ability to open digital yuan wallets via a combination, but it cannot determine whether or not they are connected in as a stand-alone broadcast. interior.

system

Available in management sandbox as the first RMB digital reader application related to corporate security, this new pilot is a viable option. However, although the situation includes investment and financial management, the current position of digital RMB M0 remains unchanged.