Beijing to Dole out 200,000 Red Pockets in Upcoming New e-CNY Trials

Source:Organizing_Committee    |      Date:2021-06-08

  In order to build an enabling e-CNY payment environment for the Olympic and Paralympic Winter Games Beijing 2022 (Beijing 2022 Games), Beijing will launch a new round of e-CNY trials called “Brilliant Trail-Blazers, Digital Carnival” in light of the arrangements for the 2021 Beijing Consumption Season, said the Beijing Local Financial Supervision and Administration on June 2. A total of 200,000 red pockets worth RMB200 each will be distributed to the lucky ones who successfully apply through the dedicated channel on bank apps, and those red pockets can be used at nearly 2,000 designated merchants across the capital city with no spending thresholds.

  

  (Photo Credit: Tongzhou Release)

  The e-CNY trials are co-organized by Beijing’s Municipal Administrative Center, Dongcheng District, Chaoyang District, Haidian District, Shijingshan District and Yanqing District. Individuals in Beijing (according to GPS location on mobile phone) can click the event page or search keywords such as “Trail-Blazers in Beijing” and “Beijing e-CNY” to enter the dedicated channel on the apps of Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC), without having to log in. The channel will be open for registration from 00:00 on June 5 and closed at 23:59 on June 7. The red pockets can be used at the designated merchants from 9:00 on June 11 to 23:59 on June 20, and consumers can check out the list of the designated merchants on the channel.

  The trials will focus on a wide variety of scenarios such as catering, accommodation, transportation, travel, shopping, entertainment and communication for the Beijing 2022 Games. Aimed at promoting the spirit of “trail-blazers,” the pilot program will provide e-CNY consumption experiences in various core business centers across Beijing. It is a regular test in e-CNY R&D and represents an active exploration for implementing the policies on the building of the “two zones” and promoting the application of e-CNY in a steady manner. It is also an innovative practice in building Beijing into an international consumption center and paves the way for e-CNY payment during the Beijing 2022 Games.

  The 2020 China International Fair for Trade in Services (CIFTIS), themed “Global Services, Shared Prosperity,” was held in Beijing from September 4 to 9, 2020. At the China International Finance Annual Forum 2020 held during the Fair, Yin Yong, a member of the Standing Committee of the CPC Beijing Municipal Committee and Deputy Mayor of Beijing, called for more transformative FinTech to help bring out Beijing’s strengths as a national technological innovation hub and financial regulation hub. He placed emphasis on digital economy, digital finance and regulatory technology in Beijing’s drive to build a FinTech innovation hub with global influence and stressed the need to advance pilot FinTech regulatory sandbox projects and leverage the Beijing 2022 Games as an application scenario to venture into cutting-edge sectors such as digital currency and strive for breakthroughs. Beijing supports the R&D of underlying FinTech technologies, expands application scenarios, promotes digital finance governance and construction of digital facilities, and strengthens the formulation and export of FinTech standards.

  

  (Photo Credit: Beijing Evening News)

  Chen Yulu, Deputy Governor of People’s Bank of China (PBOC), said in the reform and opening-up of the financial service sector, pointed out that the application of new technologies is a critical factor in the reform and opening-up of the financial services industry. Generally speaking, FinTech has been growing rapidly with improved quality and structure, propelling profound changes in financial services industry, financial products and traditional development model of the sector. However, problems including imbalanced, inadequate and unregulated development are still prominent. There is still much room for improvement in terms of the digitalization of the financial system and inclusive finance, and consumers now have higher demand for the quality and stability of financial services.

  The People’s Bank of China released a plan for FinTech development in 2019 aimed at guiding the financial industry to improve quality and efficiency under the guiding principles of keeping to the right path, making innovations, benefiting the general public, and pursuing greater openness and win-win results. Initial results have been achieved in this regard. Currently, the PBOC is working to build a regulatory technology application framework, improve the system of basic regulatory rules, create an enabling environment for the development of FinTech, and advance the modernization of the financial services sector. While serving the new round of industrial revolution, it is working toward building China into a financial powerhouse.