Bank of China Showcases Diverse Digital RMB Applications and Innovative Technologies at 2024 CIFTIS

Bank of China Showcases Diverse Digital RMB Applications and Innovative Technologies at 2024 CIFTISAs one of the first designated digital RMB operators appointed by the People's Bank of China, Bank of China showcased a comprehensive range of digital RMB applications at the 2024 China International Fair for Trade in Services (CIFTIS) in its dedicated exhibition area. Through immersive interactive experiences, the bank demonstrated its diverse applications designed for individuals (C-end), businesses (B-end), and government (G-end) sectors

Bank of China Showcases Diverse Digital RMB Applications and Innovative Technologies at 2024 CIFTIS

As one of the first designated digital RMB operators appointed by the People's Bank of China, Bank of China showcased a comprehensive range of digital RMB applications at the 2024 China International Fair for Trade in Services (CIFTIS) in its dedicated exhibition area. Through immersive interactive experiences, the bank demonstrated its diverse applications designed for individuals (C-end), businesses (B-end), and government (G-end) sectors. The showcased applications spanned high-frequency consumption scenarios such as leisure shopping and transportation, as well as cutting-edge applications in public payment areas including supply chain finance and cross-border trade, fully demonstrating Bank of China's determination and strength in continuously leading the "digital RMB +" trend.

Convenient Payment Experience for Individual Users: The Perfect Combination of Hardware Wallets and AI Smart Voice Service

During the exhibition, Bank of China showcased several commemorative digital RMB hardware wallets, emphasizing the importance of enhancing payment convenience, particularly for the elderly, children, and foreign nationals in China. To facilitate smooth domestic and international circulation, Bank of China, in collaboration with Beijing Public Transportation IC Card, jointly launched two new hardware wallet products supporting "dual-application" functionality for digital RMB and transportation payments, aiming to provide more convenient payment methods for various demographics.

The "BEIJINGPASS" themed co-branded hardware wallet will be exclusively issued to foreign nationals in China. Its card design is unique, featuring a high-speed Chinese metro train traversing space as a backdrop, symbolizing China's speed and showcasing the vigorous development of modern China. Another co-branded hardware wallet featuring the "Jing-Jin-Ji" theme, marking the tenth anniversary of the coordinated development of Beijing, Tianjin, and Hebei, cleverly combines the landmark buildings of the three regions. The card design incorporates the characters representing the "scenery," achieving a perfect fusion of culture and cultural creativity, reflecting the achievements of regional economic integration.

Furthermore, the popular "Tiger," "Rabbit," and "Dragon" zodiac series of Lunar New Year hardware wallets, jointly issued by Bank of China and Meituan for three consecutive years, were also displayed. This series successfully integrates online application, top-up, and consumption processes, providing users with a convenient and smooth user experience, winning widespread acclaim.

To further enhance user experience, Bank of China also exhibited a digital RMB hardware wallet issuance machine (experience version). This device intuitively demonstrates the convenient self-service application, inquiry, top-up, and recycling services for digital RMB hardware wallets, which is undoubtedly a great boon for elderly people and foreign nationals who need more convenient payment methods.

At the same time, an AI smart voice interaction device (experience version) was also displayed. This device combines natural language processing, machine learning, and other AI technologies to interact with people through voice, providing information retrieval and answering services to the public, improving the efficiency and quality of user services. This reflects Bank of China's continuous exploration and innovation in enhancing user experience.

Boosting Industrial Development: Innovative Applications of Digital RMB in B-end and G-end Sectors

Bank of China also provided educational information on the latest technological achievements of digital RMB, focusing on the innovative applications of digital RMB in the government and enterprise sectors, and introducing its efforts in promoting industrial development.

In the field of supply chain finance, Bank of China innovatively launched the "China Banking Lotus Seed Package" project, powered by digital RMB. This project cleverly integrates capital and information flows through the application of digital currency and smart contracts in the supply chain, realizing the digitalization of business rules and the targeted payment of on-chain funds. This not only breaks down time and space constraints, reducing payment costs but also significantly improving capital turnover efficiency, effectively promoting the healthy development of the industrial chain.

In the field of cross-border trade, Bank of China actively participates in the multilateral central bank digital currency bridge project (the "Bridge" project). This is a cross-border clearing platform jointly initiated by multiple central banks, aiming to create a high-efficiency, low-cost, highly scalable, and regulatory-compliant cross-border payment solution based on central bank digital currencies. Bank of China's active participation has made significant contributions to promoting cross-border trade development and improving international trade efficiency.

By participating in the Bridge project, Bank of China fully leverages its expertise in the digital RMB field to provide safer, more convenient, and efficient cross-border payment services for global trade. This not only helps to enhance China's competitiveness in the global financial field but also contributes to the stable development of the global economy.

Conclusion: Bank of China Leads a New Chapter in Digital RMB Applications

Bank of China's digital RMB exhibition area at the 2024 CIFTIS not only demonstrated its leading position in digital RMB applications but also showcased its positive contributions to promoting the development of the digital economy, enhancing payment convenience, and serving national strategies. From the convenient payment experience for C-end users to the supply chain finance and cross-border trade applications for B-end and G-end sectors, Bank of China's comprehensive layout and innovation in the digital RMB field, and its firm commitment to promoting the development of the digital economy and serving the real economy are evident.

Through this impressive showcase at CIFTIS, Bank of China once again demonstrated its strength as a digital RMB pioneer, setting an excellent benchmark for the application and promotion of China's digital RMB, and injecting new vitality into the development of the digital economy. In the future, Bank of China will continue to leverage its advantages, continuously explore innovation in the field of digital RMB applications, and contribute greater strength to national economic development and social progress. Its successful presentation at CIFTIS undoubtedly paves the way for wider applications of digital RMB and marks a new stage in the construction of China's digital RMB ecosystem. Bank of China's continued efforts and innovations will further promote the digital RMB to become an important component of the global payment system and bring new impetus to global economic development. This not only reflects China's leading position in digital finance but also provides valuable experience and reference for the development of the global digital economy. The future development of Bank of China is worth anticipating. The showcase at CIFTIS is merely a snapshot of Bank of China's continuous exploration and innovation in the digital RMB field; its future development and innovation will continue to lead a new chapter in digital RMB applications and make greater contributions to the development of the global digital economy. We believe that in the future, Bank of China will continue to exert its efforts in the digital RMB field, contributing greater strength to building a more convenient, secure, and efficient payment system. Its continued investment in technological innovation, product development, and application promotion will further promote the application and popularization of digital RMB globally and inject new momentum into the development of the global digital economy. Bank of China's successful practice in the digital RMB field provides valuable experience and reference for other financial institutions, and provides a new direction for the development of the global digital economy.