Chinese banks seek to use the digital yuan in the fund and insurance sector »alt =» Chinese banks wishing to use the digital yuan in the sector fund and insurance 101 ″ class = »content-img» /> Source: Adobe / Aleksandra Sova

Some of China’s largest commercial banks are trying to experiment with use cases of the digital yuan for funds and insurance products, moving away from the core functions of the pilot project until now.

Since the central People’s Bank of China (PBoC) has started its pilot projects, the initiatives have focused on B2C payments in stores or in public transport networks. But per the South China Morning Post, the Bank of Communications , and the Construction Bank of China (CCB) “say they are working with fund managers and insurers” as part of an offer to “explore” the expansion and use of the token “beyond low-value daily retail payments.”

CCB, one of China’s “Big Four” banks, has announced that it is working with Shanghai Tiantian Fund Distribution , part of a business group run by media and financial data provider Money from the East , as well as e-commerce giant JD . partnership will allow pilot participants with holdings of digital yuan to invest in funds online.

Communications Bank, meanwhile, has yet to designate the insurers and / or fund managers it is working with.

bank’s executive vice president said it was “his company’s obligation to facilitate the development and liquidity of the currency,” adding that he had “made a lot of preparations to ensure the high efficiency and constant operations of the digital yuan system.” . «

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But the same media reported figures showing that “as of June,” the Communications Bank has so far registered 6.3 million yuan digital transactions on its platforms, for a total value of $ 387 million.

CCB said it has seen 28.5 million yuan digital transactions (worth about $ 2.9 billion) through its systems since the start of the pilot projects.

Bank of Communications is one of the oldest banks in China and the fifth largest in the Middle Kingdom. Although it lags somewhat behind in the digital yuan pilot project, it has been one of the busiest in recent months. Earlier this month, he participated in a digital yuan giveaway event with JD, allowing the lucky winners of the giveaway to spend their PBoC-issued tokens on the platform.

Earlier this year, the Bank of Communications revealed that it was working on its own yuan-compatible digital wallet, which competes with offers already revealed in beta testing by the “big four.”

At least eight banks are now involved in the pilot project. In addition to the above, these include the Mercantile Bank of China , the CITIC Bank of China , the Postal Savings Bank of China, and the rest of the ‘big four’ (the Industrial and Commercial Bank of China , the Agricultural Bank of China). and the Bank of China ) .____ Learn more: – China hits senators who have called for an Olympic blockade of the digital Yuan – China publishes technical document e-CNY, affirms that cryptocurrencies have no value and carry risks

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