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Ant Group’s Online Lender is First of Its Kind on Digital Yuan Platform

The online lender affiliated with Ant Group, MYbank, is the first digital bank to join China’s platform hosting the “sovereign digital yuan.” So reports the South China Morning Post.

china 156219 640smallThe digital currency platform is now hosting e-wallets with participation from seven of the country’s financial institutions. “The roster of financial institutions that have joined the PBOC-developed app shows how China is bolstering efforts to lead major economies in developing a central bank digital currency … ,” according to the article.

Read the full article from the South China Morning Post.

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