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Ant Group to make e-CNY more popular

Chinese financial technology company Ant Group could soon help China’s central bank (PBoC) spread the e-CNY. Direct bank MyBank, in which Ant has a 30 percent stake, is to allow its customers to link their accounts to the state-owned digital renminbi app. This was reported by the state-run business publication China Securities Journal. The feature is to be available to users who use Ant’s payment app Alipay. Rival Tencent’s WeBank will also reportedly help spread the use of the e-CNY. Payment apps Alipay and Wepay are the two largest mobile payment service providers in the country.

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