Chinese state-owned banks launch 'Smart Management' for digital Renminbi wallets

Friday 22 April 2022 08:47 CET | News

State-owned Chinese banks, including Agricultural Bank of China (ABC), China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC) have added smart management to the digital renminbi wallets.

The addition has been included as part of their mobile banking apps. The smart management function supports the automatic conversion of the balances in their digital renminbi wallets into money in their bank accounts.

With the ICBC digital renminbi wallet, users can set a specific time period and amount for automatic conversion into bank deposit funds, or stipulate automatic conversion once the wallet’s balance exceeds a set threshold.

Some of the big state-owned banks have also launched ‘combined payments’ options that involve linking bank accounts to digital renminbi wallets, so that the bank account balance can be used to supplement shortcomings in the wallet’s balance during process of making.

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Keywords: product upgrade, e-wallet, digital banking, CBDC, digital currency
Categories: DeFi & Crypto & Web3
Companies: Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China
Countries: China
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DeFi & Crypto & Web3

Agricultural Bank of China


China Construction Bank


Industrial and Commercial Bank of China

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