By becoming the first internet bank to join China’s digital currency platform, MYBank, an online lender affiliated to Fintech giant Ant Group, has strengthened support for the development of a “sovereign digital yuan”, reports the South China Morning Post.
MYBank is now the 7th financial institution to provide e-wallet – a service that provides electronic transaction and payment data storage – functionality on the platform.
The digital currency app developed by China’s central bank now has e-wallets – online services that let users make electronic transactions and store their payment data – set up by seven financial institutions, including the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of China, Bank of Communications, Postal Savings Bank of China and MYbank, according to the latest update of the platform seen by the South China Morning Post.
Users are now able to open an account associated with MYBank, but its top-up function has not yet been activated because it was “still being developed”, according to the app.
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