WeBank and MYbank – receiving the backing of Tencent and Ant Financial respectively – will reportedly be the first  private banks to become the members of China’s digital yuan pilot.

Specifically, the initiative to bring on board two top-tier private banks is reportedly included in the efforts from China’s central bank to enhance the exposure level to its national digital currency pilot, currently being developed. 

MYbank and WeBank will reportedly offer their assistance to the People’s Bank of China, to amp up the user exposure in the ongoing pilots of its central bank digital currency, the digital yuan.

As included in the integration, MYbank’s service will reportedly be rolled out in the near future to the PBoC’s digital yuan app. 

The e-wallets by MYbank and WeBank will reportedly come with the exact features as the ones from the six state-owned lenders in the trial.

Previously, the PBoC has reportedly been working closely with state-owned banks such as the Bank of China, China Construction Bank, the Industrial and Commercial Bank of China and the Agricultural Bank of China to develop the project. 

A MYbank representative reportedly remarked that the bank will “steadily advance the trial pursuant to the overall arrangement of the PBoC.”

WeBank is reportedly among the highest-ranking banks throughout China, offering service to over 200 million clients, up to May last year. The bank has reportedly been actively deep-diving into blockchain in the past years, establishing itself as one of globally largest blockchain patent filers in 2019, with internet heavyweight Tencent from China being the largest stakeholder, having in its possession a 30% stake.