Source: Beijing Youth Daily
As the first joint-stock bank in China to obtain the qualification of digital RMB operation, China Merchants Bank recently appeared in the 2022 China International Fair for Trade in Services Financial Services Special Exhibition with a number of digital RMB application achievements and scene integration innovative services. The audience can quickly open the digital RMB wallet of China Merchants Bank and experience the various functions and services of China Merchants Bank.
Keep pace with the times: China Merchants Bank actively participates in the research and development of digital RMB wallets.
At the end of 2019, digital RMB was piloted in Shenzhen, Xiong ‘an, Beijing, Shanghai and other cities. In July 2021, China Merchants Bank became the first joint-stock bank in China to obtain the qualification of digital RMB operation. In January of this year, the "Digital RMB" App officially released the digital RMB wallet of China Merchants Bank, and then the China Merchants Bank App quickly iterated on the digital RMB wallet area. According to reports, at this stage, users can quickly open and experience China Merchants Bank’s digital RMB wallet in three steps of the "Digital RMB" App. Bank cards can be directly exchanged for digital RMB to be used in wallets, supporting offline code scanning, online payment, wallet exchange and other functions and services. The "Digital RMB" App and China Merchants Bank app have already realized interoperability. In addition, China Merchants Bank’s "Fengling" full-process service quality monitoring system is also escorting the continuous user experience.
As early as 2015, China Merchants Bank began to carry out scientific and technological innovation projects and research and apply blockchain technology in the field of cash business. In 2016, China Merchants Bank began to participate in relevant research and discussions in digital currency, and continued to follow up the implementation of the digital currency Plan. Now, China Merchants Bank has formed a professional blockchain team of more than 60 people and accumulated a lot of practical experience. In the face of digital "new infrastructure", China Merchants Bank has been advancing with the times, actively participating in the research and development of digital RMB and ecological construction, helping the national key strategies and contributing to the strength of China Merchants Bank in the blueprint vision of the digital economy.
Braving the tide: realizing the coverage of multiple scenes with the power of innovation
At present, China Merchants Bank, taking advantage of financial technology, has achieved digital RMB scene coverage in many fields, such as transportation, government affairs and convenience, payroll, and inclusive loans. In April this year, it successfully landed the first digital RMB payment of high-speed tolls in Guangdong Province, and comprehensively covered the collection of high-speed sections in Guangdong Province, and successfully landed the first digital RMB salary payment in Chongqing in the same period. In June, we further broadened the payment channels for government services, efficiently completed the first digital RMB tax refund business in Shandong Province, and refunded more than 200,000 yuan for two enterprises. In addition, the first inclusive loan in the financial system in the form of digital RMB was innovatively issued, which was used to pay employees’ salaries and raw materials for upstream enterprises, achieving a breakthrough in the application scenario of digital RMB, realizing an innovative attempt in helping enterprises to bail out, providing new ways of efficient financing for small and micro enterprises, and at the same time ensuring the authenticity and credibility of the closed-loop circulation and use of credit funds, greatly enhancing the convenience and availability of inclusive finance.
At the level of ecological links in the same industry, China Merchants Bank has actively built a digital RMB operation service platform to achieve unified access for cooperative institutions. At present, it has successfully signed contracts with a number of peers.
It can be said that China Merchants Bank has been engraved with the gene of "technology-driven and innovative" since its inception. Under the background of new digital infrastructure, it has continuously promoted the full application of digital RMB in retail supermarkets, smart parks, business districts, cultural tours, and salary generation. Up to now, China Merchants Bank has also formed the interconnection of online and offline digital RMB services such as Digital RMB App, China Merchants Bank App, Enterprise App, Paypass APP, online banking, business outlets, etc., providing omni-channel services and meeting users’ demand for digital RMB.
Perseverance: "Four Innovations" Mode to Promote the Exploration of Digital RMB Business
Facing the opportunity of digital RMB, focusing on solving the pain points of users, "cultivating internal strength" is the way to persevere. In the future, China Merchants Bank will continue to stimulate the imagination with the "four major innovations".
Through the combination scheme of "umbrella wallet+smart contract", the demand for fund sharing of large merchants is solved; Through the combination scheme of "smart contract+mother-child wallet", the crisis of prepaid trust is solved and the security of funds is protected; Through the linkage with the current financial management of China Merchants Bank "Chaochaobao", the intelligent management of wallet balance can be realized, and the efficiency of capital utilization and the maximization of income can be improved; Explore the feasibility of digital RMB insurance premium payment, claim payment, personal consumption loan payment, etc., and insert the wings of digital RMB into thousands of households.
In the future, China Merchants Bank will continue to invest in the construction of national digital RMB, focusing on key application scenarios, aiming at serving users well and creating the best user experience, and helping the national key strategy and the ecological construction and development of digital RMB.
Text/Jin Renfu