#Wechat pay alipay six more chinese trial#

'PBOC doesn't want to see the money being routed through third-party payment systems,' a banker said, citing the need for 'information segregation'. That means none of the participating banks can transfer e-CNY between their digital wallets and the two established payment platforms. 'The e-CNY's ease of use will likely be comparable to Alipay and WeChat Pay, while its security function will likely be higher, and as sophisticated as Bitcoin,' HSBC wrote in a recent report, adding that it expects the digital currency to 'proliferate' within China.Īmong a slew of likely motivations cited by HSBC behind the push is the central bank's desire to gain control of payment channels and consumption data from Alipay and WeChat Pay.ĭigital wallets, which are still being beta tested, can be bundled with a dozen popular apps including Meituan, JD.com, Didi and Bilibili, but conspicuously can not be linked to WeChat or Alipay. The six banks in the e-CNY pilot schemes include China's biggest lenders such Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank. Under a two-tier distribution system, the PBOC issues the digital currency to banks, which pass the money to individuals and companies. The e-CNY digitalises a portion of China's physical notes and coins, or currency in circulation (M0), and was launched last year in small pilot schemes in four cities.

#Wechat pay alipay six more chinese trial#

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. “The influx of Asian golfers into Vancouver certainly helped our industry that was slumping after the financial challenges in 2008-2009' says Tom Monaghan of the Monaghan Golf Group which operates a total of eight golf facilities in British Columbia, including two of the public courses owned by the City of Vancouver, Fraserview and Langara.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. Many of Vancouver’s golf facilities were able to survive this difficult time largely in part because of cities loyal Chinese golfers. When the 2008 financial crisis hit North America, the golf industry was one of the hardest hit sectors. With over 30% of Vancouver’s population now Chinese, the Chinese community represents an important market for many retailers, including golf courses. Chinese Golfers are vital to part to BC’s Future Golf Market Success The academy publishes content weekly on the official account, providing lessons, swing tips, and general golf news in both Mandarin and English for their many hundred followers of the account. The Official Account has been a tremendous asset for the academy as customers, students, and family members around the world can navigate the academy’s official account menu to learn more about the facility, access instructor bios, and search for information.

Pacific Golf Academy made news earlier this year when it became the first golf academy in Canada to officially launch an Overseas Official Account on WeChat.