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China’s central bank has added eight commercial banks to its digital yuan network, expanding the number of authorized e-CNY operating institutions to 30.
The new operators include three national joint-stock banks and five city commercial banks. Customer services will begin only after each institution completes the business and technical preparations required to operate through the People’s Bank of China’s digital yuan system.
Ping An and 7 Other Banks Join e-CNY Operator Network
The additions are Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank. Ping An, Hengfeng and Bohai are national joint-stock commercial banks, while the other five are city commercial banks with regional operations.
The PBOC said the expansion is intended to improve the inclusiveness of digital yuan services and widen access to secure, convenient and efficient payments. It plans to continue adding operators under market-oriented and rule-of-law principles.
Digital Yuan Operator Count Triples From 10 to 30 Since April
China entered April with 10 digital yuan operating institutions. On April 2, the PBOC added 12 banks, including China CITIC Bank, China Everbright Bank, Shanghai Pudong Development Bank and Bank of Ningbo, taking the total to 22.
The latest eight additions raise the network to 30 operators, three times the number in place before April. The expansion also broadens the types of commercial banks directly connected to the PBOC’s digital yuan infrastructure, following the first addition of city commercial banks in April.
8 New Banks Must Complete Technical Work Before Customer Launch
The latest approvals do not mean all eight banks can immediately begin offering digital yuan services to customers. The PBOC said each institution must first complete its remaining business and technical preparations.
China has separately expanded the e-CNY’s cross-border infrastructure. In June, the Digital RMB International Operations Center signed direct-participant service agreements with an initial group of 26 financial institutions for cross-border digital payment services.
For the eight newly added banks, the immediate next step is implementation. The PBOC has not announced individual launch dates for their customer-facing digital yuan services.
