Digital RMB tests cross-border payment in Hong Kong, CEO of Cyberport: or replaces e-wallets in the market

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Written by: Chen Jiahui

2021-05-07 17:31

Last update date: 2021-05-07 17:31

The People's Bank of China is testing the application of digital renminbi (e-CNY) on a large scale, and Hong Kong is also one of the pilots, mainly testing related cross-border payment applications.

The chief executive of Cyberport said at the event today (7th) that the electronic payment industry is closely monitoring the impact of the launch of the digital renminbi, which is expected to greatly change the electronic payment ecosystem and even ban many electronic wallets on the market.

According to Ren Jingxin's forum, about 60% of Hong Kong's financial technology companies, or about 380 financial technology companies, are located in Cyberport, including many technology companies that provide electronic payment solutions.

Regarding the impact of the digital renminbi, Ren Jingxin said that many industries are paying close attention to the impact of the actual launch of the digital renminbi. Many people believe that the digital renminbi will be used to directly exchange different tokens in existing e-wallets ( token), such as different consumer tokens and video game coins.

He anticipates that applications such as Alipay and WeChat Wallet may only become Payment Gateways or digital wallets with digital RMB in the long run; the existing electronic payment ecosystem may be greatly changed or even replaced.

Ren Jingxin (first from right) said that many industries are paying close attention to the impact of the actual launch of the digital renminbi. Many people believe that the digital renminbi will be used to directly exchange different tokens in existing e-wallets.

(Photo by Chen Jiahui)

Huang Jinhui, deputy dean of the Faculty of Engineering of the Chinese University of Hong Kong, explained that unlike Bitcoin, which is currently hot, digital renminbi is a currency (M0) issued by the central bank. It is also technically different from current electronic wallets. Digital renminbi can use chips. Individual users do not need to be connected to the Internet to trade.

Hong Kong is also one of the digital renminbi pilots. Zhou Wenzheng, Chief Financial Technology Officer of the Monetary Authority, said that the digital renminbi is just being able to solve the problem of cross-border payments (money circulation) in the past. Banks, the Bank of Thailand, and the UAE Central Bank) jointly studied the "multi-central bank digital currency cross-border network" to further promote digital currency cooperation in many places.

Regarding how digital currency will affect banking business, Hang Seng Bank’s Chief Information Officer Jiang Guangming pointed out that banks hope to participate in whether it is physical currency or electronic currency to provide customers with relevant wealth management.

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