Tencent and Alibaba-owned Ant Group are two Chinese tech giants which recently revealed their involvement with the Peoples Bank of China in developing digital yuan, South China Morning Post reported on Monday.
Among the two companies, Ant Groups involvement was odd as the fintech giant faced harsh scrutiny from the Chinese regulators and had to suspend its landmark initial public offering (IPO) last November and is restructuring its business under regulatory supervision.
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Both the companies revealed their involvement with the Chinese governments ambitious project at the Digital China Summit in Fuzhou that took place over the weekend.
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The report outlined that the Ant Group is involved in the project since 2017, and later that year, Ant-backed MYbank became an intermediary to distribute digital yuan. The countrys digital currency institute also started to use Ants mobile app development platform mPaaS in June 2019.
