Suzhou Bank Digital RMB Research and Development

On November 25, at the 5th China Digital Banking Forum, Party Committee Secretary and Chairman of Bank of Suzhou Wang Lanfeng presented Suzhou Bank on digital exchange, research and implementation of digital RMB . I did.

He said small and medium-sized banks should be able to take advantage of local law firms, provide significant community capital and local functionality to develop a similar situation, and be involved in the development of the digital renminbi.

He said Suzhou Bank was the first non-urban company in the country to join the digital yuan business.

Already at the end of December 2020, Suzhou Bank's Mobile Banking announced the RMB personal digital services portfolio. So far, Suzhou Bank has entered into a digital yuan cooperation agreement with eight operating institutions, two of which have started to modernize and tie in with Chinese banks and mobile phone companies.

He said Suzhou Bank has developed two business models and developed four applications. The number of digital RMB transactions was 17,815, and the exchange turnover was over RMB 34.14 million.

The two main business models are: The business model is directly related to cooperation with unions, where the renminbi is the expansion and improvement of banking services.

By direct connection mode, digital renminbi private wallet service, public wallet service and merchant acceptance service can be realized. Suzhou Bank said it opened 7,268 yuan personal wallets, 146 public wallets and 46 digital currency merchants.

The four main application scenarios are:

The first is to improve the status of cooperation with local governments and civil society organizations, Suzhou Bank is the country's first non-national business enterprise to join unions.

The second is to create new events according to local specificities using the organization of operations.

The third is to use celebrity hot spots to establish a local food court. Suzhou Bank is also the first nonprofit in the country to announce the red RMB envelopes.

The fourth is to cooperate with joint ventures to promote the modern life of the digital renminbi renminbi.