Industrial Bank's Digital RMB Interbank Cooperation: Openness and Win-Win, Empowering Scene Innovation

Industrial Bank's Digital RMB Interbank Cooperation: Openness and Win-Win, Empowering Scene InnovationSince obtaining the qualification of a designated operating institution for digital RMB, Industrial Bank has leveraged the "Bank-to-Bank Platform" interbank cooperation foundation to provide value-added services to partner banks based on the principle of complementary advantages and open win-win. The bank has been actively involved in digital RMB application promotion by collaborating on system technology output, building unique scenarios, and sharing marketing resources

Industrial Bank's Digital RMB Interbank Cooperation: Openness and Win-Win, Empowering Scene Innovation

Since obtaining the qualification of a designated operating institution for digital RMB, Industrial Bank has leveraged the "Bank-to-Bank Platform" interbank cooperation foundation to provide value-added services to partner banks based on the principle of complementary advantages and open win-win. The bank has been actively involved in digital RMB application promotion by collaborating on system technology output, building unique scenarios, and sharing marketing resources. This has significantly accelerated the progress of digital RMB interbank cooperation, with the number of partner institutions ranking among the top among operating institutions. As of the end of May, Industrial Bank has signed agreements with 125 2.5-tier partner institutions and launched cooperation with 60 banks, covering various types of banks including joint-stock commercial banks, urban and rural commercial banks, private banks, and village banks, further expanding the application scenarios of digital RMB.

Complementary Advantages and Building an Open Win-Win Cooperation Ecosystem

Industrial Bank leverages its "Bank-to-Bank Platform" brand foundation, built through years of deep cultivation in the interbank and financial market areas, to continuously provide partner institutions with digital RMB cooperation services based on complementary advantages and open win-win principles. This year, 2.5-tier partner banks have expressed a growing need for digital RMB scene construction in areas like retail, public services, livelihood, and inclusive finance. Adhering to the cooperative spirit of "joint construction, joint ownership, joint sharing, and joint win-win," the "Bank-to-Bank Platform" has developed innovative service models, such as coordinating branches, establishing specialized work groups, opening up shared scenarios, and providing 2.5-tier systems for partner banks, providing comprehensive support to these institutions.

Empowering Partner Banks, Achieving Business Innovation and Scenario Expansion

After partnering with Industrial Bank for digital RMB 2.5-tier cooperation, partner banks can enable basic digital RMB functions on their own channels. Customers can use the mobile banking apps, corporate online banking platforms, and other proprietary channels of partner banks to handle digital RMB personal wallets, corporate wallets, and digital RMB accepting services. They will also receive scenario construction support and customized services, empowering business innovation.

Currently, Industrial Bank has successfully provided 2.5-tier partner banks with application scenarios such as "one-code scan" merchant accepting, automatic redemption, co-branded hardware wallets, living expenses payment, salary disbursement, fiscal subsidy distribution, consumer loans, B2C red envelopes, and third-party tax payment. The bank is also actively exploring the implementation of unique scenarios such as cross-strait services and cross-border pilot programs to enhance the digital RMB application capabilities of partner banks.

Building Unique Scenarios, Driving Cross-Border and Cross-Strait Applications of Digital RMB

Taking the example of cross-strait service scenarios, Industrial Bank recently opened up digital RMB services to Fubon Bank (China), a Taiwanese bank with a leading number of domestic branches and asset size. This makes Industrial Bank the first operating institution in China to support Taiwanese residents in upgrading their digital RMB wallets through partner bank channels. The bank has also successfully implemented the first digital RMB unit wallet payment transaction for a Taiwanese bank in China. Taiwanese residents and enterprises can access digital RMB services through Industrial Bank or Fubon Bank (China), allowing consumers to use digital RMB for payments at Taiwanese enterprises.

"Compared to anonymous digital RMB wallets, real-name digital RMB wallets offer advantages in terms of transfer limits and balance caps," said a relevant person in charge of the Banking Cooperation Center at Industrial Bank. The bank's provision of digital RMB services to overseas partner banks will further expand payment channels for Taiwanese residents coming to mainland China, enhancing their payment experience.

Looking Ahead, Building a New Ecosystem for Digital RMB Cooperation

In the future, Industrial Bank will continue to accelerate the research and development of digital RMB function scenarios, continuously optimize the experience for partner banks, actively engage in joint marketing promotions, and build a new ecosystem for 2.5-tier cooperation. Industrial Bank will continue to cultivate digital RMB interbank cooperation, working hand-in-hand with partners to jointly drive the expansion of digital RMB application scenarios and contribute to the development of the digital economy.