Ant-backed MYbank said it is "one of the parties participating in the research and development" of the e-CNY, and "will steadily advance the trial pursuant to the overall arrangement of the People's Bank of China." The PBOC and Tencent declined to respond to requests for comment.Īnt declined to comment on the relationship between Alipay and e-CNY. "WeChat Pay and Alipay own an ocean of data," so the e-CNY rollout facilitates China's anti-trust campaign and helps the government control big data, he added. Whoever owns data thrives," said another banking official tasked with promoting the e-CNY. In public, the People's Bank of China ( PBOC) says e-CNY won't compete with AliPay or WeChat Pay, and serves only as a "backup" or "redundancy".īut in private, state banks marketing the digital fiat currency for the central bank bluntly describe Beijing's intention to undercut the duo's dominance. Ma's Alibaba Group Holdings was recently hit with a record $2.8 billion antitrust penalty. Regulators scuppered Ant's record $37 billion IPO in November and earlier this month imposed a sweeping restructuring on the fintech conglomerate controlled by Jack Ma. That turf encroachment coincides with Beijing's expanding effort to clamp down on anticompetitive behaviour in the internet sector, part of a wider reining in of the clout of sector heavyweights. China's development of a sovereign digital currency, which is far ahead of similar initiatives in other major economies, looks increasingly poised to erode the dominance of Ant Group's Alipay and Tencent's WeChat Pay in online payments.
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