Suzhou Wang Lanfeng Bank: Creating Two Major Business Models and Four Key Applications of Digital RMB

On December 25, the 5th China Digital Banking Forum was held in Shenzhen, where Wang Lanfeng, Party Committee Secretary and Chairman of Suzhou Bank, spoke about Suzhou Bank's digital exchange as well as research and implementation of digital RMB. He said small and medium banks should make the most of local businesses, provide strong community capital and local characteristics, create consistent application, and participate in the development of the digital renminbi.

He said Suzhou Bank was the first non-urban enterprise in China to participate in digital yuan trading. At the end of December 2020, Suzhou Mobile Banking Bank launched the RMB digital personal wallet service.

So far, Suzhou Bank has signed digital yuan cooperation agreement with eight operating institutions, two of which have started to upgrade and connect with Chinese banks and mobile banking companies. He said that at present, Suzhou Bank has developed two major business models and developed four major applications.

The number of RMB digital transactions was 17,815, and the turnover of the exchange was over RMB 34.14 million.

There are two main types of business: Fraudulent business model, i.e. People's Bank of China digital RMB app is connected to People's Bank of China through City Financial Corporation for expanded contingency plans. Direct link business model shows the relationship with the working group, where the renminbi is the expansion and improvement of banking services. In a direct connection, personal RMB digital wallet services, public wallet services and services for merchants can be obtained.

Suzhou Bank announced that it has opened 7,268 yuan digital 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 government and public organizations, Suzhou Bank is the first non-profit company in the country to carry out special activities with the organization doing business.

The second is to develop new conditions based on regional characteristics and office capital, it is the country's first non-profit company to produce its own water.

The third is to create special health events using festive hotspots, Suzhou Bank is also the first non-profit company in China to issue red RMB envelopes.

The fourth is to partner with joint ventures to promote the modern life of the digital renminbi. Moreover, as the first non-profit company in Korea, it supports the renminbi without charge.