Media: Ant Group to Help PBoC Build Platform for Digital Yuan

The Digital Currency Research Institute of the People’s Bank of China signed a strategic cooperation agreement with Ant Group to promote a technology platform for the digital yuan (DCEP), according to 21st Century Business Herald.

According to the publication, the platform will be based on OceanBase, Ant Group’s distributed database, and on the mobile app development solution mPaaS.

The central bank expects OceanBase to deliver robust data consistency, efficiency at high traffic, support for multi-site real-time applications, and city-level disaster recovery.

As a derivative of Alipay’s mobile development platform, mPaaS should provide a comprehensive solution for daily use of the digital currency.

Under the agreement, Ant Group will also participate in internal closed tests of the DCEP in Shenzhen, Suzhou, Xiongan, Chengdu and at the Winter Olympics.

The Chinese edition noted that, according to its report, the company has been involved in developing the digital yuan for several years.

Earlier in February, media reported that Ant Group, together with Tencent, provided technical support for testing the DCEP with private banks WeBank and MYbank.