Today In Digital-First Banking: China’s Central Bank Tells Ant Group To Concentrate On Payments; China’s Digital Yuan Pilot Wraps Up

In today’s top news in digital-first banking, financial regulators in China are moving to check the influence of Jack Ma’s Ant Group, while the second pilot of a digital yuan by the People’s Bank of China has concluded. Plus, a Brexit deal has been reached between the United Kingdom and the European Union.

China’s Central Bank Tells Ant Group To Concentrate On Payments Business

Chinese financial regulators are moving to check the influence of Jack Ma’s Ant Group by instructing it to switch focus back to its payment business while remedying problems in wealth management, personal lending and more. The People’s Bank of China recently criticized Ant for how it treated rivals and consumers and also seemingly disregarded rules. There weren’t many more details other than that. Ant’s much-awaited double initial public offering (IPO) was nixed earlier in 2020 by the government.

China’s Digital Yuan Trial Sees Spending For Retail, Ridesharing And More

The second test of a digital yuan by the People’s Bank of China has finished, bringing about hundreds of thousands spent on online shopping, ride-hailing and food delivery. The pilot effort started earlier in December as the government doled out 20 million digital yuan to local residents of Suzhou from a lottery. A hundred thousand winners received the opportunity to spend 200 digital yuan on different online or offline services.

UK Brexit Deal Lacks Needed Clarity On Financial-Services Access

A Brexit agreement has been struck between the United Kingdom and the European Union, which will help to define the future relations of the two geographies. “It was a long and winding road, but we have got a good deal to show for it. It is fair. It is a balanced deal and it is the right and responsible thing to do for both sides,” European Commission President Ursula von der Leyen said in a press conference per a published report. The arrangement occurred right on the cusp of the year’s end deadline.