Beijing completes testing on 1st batch of innovative fintech applications

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Three innovative fintech applications have recently completed their full-process closed-loop testing in Beijing, and will be available on the market soon, according to the municipal fintech innovation supervision task force.

The three applications, each developed by the Industrial and Commercial Bank of China, the Bank of China, and AiBank, involve the use of new technologies like IoT and blockchain in financial services. 

The completion of more than six months of testing marks the success of Beijing's first batch of fintech supervision tool, and is a major step forward as Beijing builds a world-class fintech ecosystem and a fintech industry with global influence, according to a person in charge of the municipal financial supervision authority.

In the Global Fintech Hub Report 2020, Beijing was ranked first among other world metropolises. The city is also speeding up its effort to build a fintech innovation center by riding the waves of the digital economy.

After two trials on digital RMB, Beijing recently launched a new pilot program on the use of digital currency in public transportations and other use scenarios for the upcoming Beijing 2022 Winter Olympics and Paralympics. 

According to Liu Yuling, vice director of the Operation Office (Beijing) of the People's Bank of China, digital RMB will be available for 400,000 use scenarios of the Beijing 2022 Winter Games, covering public transportation, accommodations, and catering services.

Beijing aims to expand the use cases of digital RMB to over 1 million by the end of the year, and explore new applications in areas such as prepayment management and supply-chain finance.

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