Beijing taps WeBank, Alipay's MYBank, and eight banks to pay interest on digital yuan holdings [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance
The list includes Tencent's neobank WeBank and Mybank, Alipay's banking subsidiary. The banks say they will pay holders of China's central bank digital currency, or CBDC, every quarter, making their first payouts on March 20, the Chinese news outlet Sina Finance reported. The central bank first revealed details about its “upgraded” CBDC late last year. The rollout of the digital yuan has faced some obstacles. The central bank's digital yuan pilot began in April 2020, but the CBDC has struggled to gain traction compared to domestic fintech solutions. It is against this backdrop that the banks have decided to pay their customers an initial annual interest rate of 0.05%, with investors showing considerable recent interest in the various firms working on the digital yuan. To claim interest payments, holders must complete a new, stricter identity verification process. This will ensure banks comply with anti-money laundering requirements and make it easier to verify ownership
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