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Chinese Software Firm working with the Nation’s Bank to help boost the Digital Yuan

An additional Chinese private sector firm has confirmed operating with the nation’s central bank on its swiftly growing digital currency pilot project – the secondary private firm to obtain such a claim this week.

As per NetEase, a mobile payment software applications provider named Weifutong Technology has revealed it has been working with several unnamed state-owned banks on the central People Bank of China (PBoC)’s digital yuan pilots, which now encompass five major cities – and could be extended to a host of new areas shortly.

Weifutong is a subsidiary of the Shanghai-based textiles giant Huafeng Microfiber. It creates back-end mobile pay solutions for numerous central banks in the Middle Kingdom.

Weifutong said that its digital currency company requires,

“actively participating in [the digital yuan project] with some banks.”

Although the firm continued that it could not publish further details of its testing and “related promotional work” for the time being because of the terms of confidentiality agreements.

The media outlet reported that more articles have emerged regarding Shenzhen Techno Telecom’s partnership in the project after the Beijing-based firm confirmed it was working on the pilots earlier this week.

NetEase announced that Shenzhen Techno Telecom is running with a “large state-owned bank,” and declared that its most-recently listed client base includes the central bank itself, three policy banks, and six state-owned commercial banks – in addition to a large number of regional banks and other financial firms.

Additional private firms extensively considered to be working on the project involve the food delivery platform Meituan Dianping and ride-share operator Didi Chuxing.

Various China-based and international experts have also declared the likes of Tencent and Alibaba. Administrators of the popular WeChat Pay and Alipay e-pay platforms are also operating behind-the-scenes with the PBoC.

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