{"id":66203,"date":"2023-09-27T21:49:23","date_gmt":"2023-09-28T01:49:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/chinas-tencent-joins-cbdc-interoperability-pilot\/"},"modified":"2023-09-27T21:49:26","modified_gmt":"2023-09-28T01:49:26","slug":"chinas-tencent-joins-cbdc-interoperability-pilot","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66203","title":{"rendered":"China\u2019s Tencent Joins CBDC Interoperability Pilot"},"content":{"rendered":"
\n

China\u2019s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots.<\/p>\n

WeChatPay, along with its rival Alipay, has cornered some 15% of the Chinese payments market.<\/p>\n

But in recent years, Tencent has moved to align with the People\u2019s Bank of China (PBoC)\u2019s CBDC adoption drive.<\/p>\n

Per JRJ, via Stockstar, Tencent will work alongside the PBoC\u2019s Digital Currency Research Institute on the \u201cmultilateral central bank digital currency bridge project,\u201d also known as Project mBridge.<\/p>\n

The project itself is a multinational effort that involves not only the PBoC, but also the Bank for International Settlements (BIS), as well as the central banks of Hong Kong and the United Arab Emirates.<\/p>\n

In 2022, the prototype mBridge platform conducted \u201creal-value transactions\u201d between 20 commercial banks in four of the group\u2019s territories.<\/p>\n

Tencent began working with the PBoC on CBDC technology back in 2018.<\/p>\n

But observers have pointed out that WeChat Pay and the PBoC\u2019s coin will likely need to compete with one another in the payment sphere.<\/p>\n

While WeChat Pay and Alipay are in widespread usage, the digital yuan still only represents a small fraction of the Chinese payments market.<\/p>\n

The PBoC has repeatedly insisted that the digital yuan and private-sector alternatives like WeChat Pay will eventually complement one another.<\/p>\n

Early last year, WeChat Pay added an initial raft of electronic payments-CBDC interoperability options to its platform.<\/p>\n

In March this year, a PBoC digital yuan update allowed Tencent users to make WeChat Pay payments from the bank\u2019s official app.<\/p>\n

Tencent, meanwhile, updated its own apps in April to allow users to make e-CNY payments from a range of WeChat platforms, including mini-programs, applets, and video accounts.<\/p>\n

Tencent Joins Chinese CBDC, e-CNY \u2018Interoperability\u2019 Drive<\/h2>\n

Tencent will reportedly become part of the \u201cfirst batch\u201d of Chinese private-sector firms to join the mBridge project.<\/p>\n

This may suggest that other Chinese tech giants could also seek to join the project at a later date.<\/p>\n

The PBoC has begun paying more attention to CBDC interoperability and cross-border digital yuan use cases of late.<\/p>\n

Earlier this month, the bank updated its app to allow overseas visitors to open digital yuan wallets on their mobiles.<\/p>\n

The move coincides with the Asian Games, now underway in Hangzhou \u2013 a major international showcase for the coin.<\/p>\n

The bank is also conducting \u201ccross-border\u201d trials with Hong Kong and Macau.<\/p>\n

And Russian politicians have suggested that the digital ruble could become compatible with the PBoC\u2019s coin.<\/p>\n

The pilot will see Tencent use the multilateral CBDC \u201cbridge\u201d to \u201cfurther enhance its cross-border payment service capabilities.\u201d<\/p>\n

The firm also plans to use the CBDC bridge in the \u201cfinancing\u201d space.<\/p>\n

Tencent also wants to explore \u201cmulti-currency fund management\u201d options for \u201csmall and medium-sized enterprises.\u201d<\/p>\n

The BIS, meanwhile, has started working with a range of central banks and private sector financial firms on CBDC interoperability solutions.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots. WeChatPay, along with its rival Alipay, has cornered some 15% of the Chinese payments market. But in recent years, Tencent has moved to align with the People\u2019s Bank of China (PBoC)\u2019s CBDC adoption drive. […]<\/p>\n","protected":false},"author":1,"featured_media":66204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-66203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nChina\u2019s Tencent Joins CBDC Interoperability Pilot | iFintechWorld<\/title>\n<meta name=\"description\" content=\"China\u2019s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots.WeChatPay,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=66203\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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