MYbank is allowing some users to link their accounts with China’s digital yuan app, state-backed China Securities Journal said on Monday. MYbank is an online-only bank in which Ant Group, an affiliate of Alibaba, has a 30% stake. With this Ant is becoming one of the first major privately run businesses to work with China’s digital currency trials. The new feature is accessible to some users through Ant’s Alipay app.
Ant did not confirm the exact nature of its participation in the digital currency project, but said that along with MYbank, the group would be involved with trials and research around the digital yuan- also called e-CNY-according to a statement.
Ant’s increased involvement with the digital yuan comes despite increased scrutiny from Chinese regulators. Authorities abruptly suspended Ant’s massive IPO in November and last month, regulators said Ant would restructure as a financial holding company. Unlike internationally popular cryptocurrencies like bitcoin, China’s digital currency is controlled by a single authority – the Central bank.