Jointly established Huawei Digital RMB Industry Alliance supports 37 member units

Huawei and Newland Digital Technology have together formed the Digital RMB Industry Alliance. Recently, the members of this alliance conducted an election meeting where they elected Newland as the chairman of the alliance unit.

So far, the Digital RMB Industry Alliance comprises 37 member units including the large tech giants of the world such as Huawei and Newland. Alongside, this unit also consists of some huge state-owned banks.

According to the latest report, the main ambition of the RMB alliance is to connect itself with the Digital China program. Consequently, this connection will prove as a crucial aid in the growth of innovative development of the new digital renminbi framework.

Apart from the RMB evolution, the association will lead to the expansion of technical research, virtual mechanisms, and sharing of technology as well as knowledge resources. Up to this point, the RMB digitalization has enlarged to 23 areas in 15 provinces and cities.

These cities consist of Shenzhen, Suzhou, Xiong’an, and Chengdu. Moreover, these cities have given a new rise to the whitelist regulations and comprehended the Industrial Bank as the latest designated operating bureau.

Since the original beginning of the “10 + 1” area, the alliance has shown vast growth in the world of transformation. On the other hand, by May 2022, the digital renminbi transactions in the navigator areas of 15 provinces and other cities were able to reach an amount of 264 million.

This also made an impact on the merchant stores that supports the digital renminbi. Consequently, they were able to make a payment of 4.567 million.

Huawei plans for Digital Economy Growth

The Chinese manufacturer itself is making every possible way that can lead to better growth of the digital economy. In the recent Huawei Win-Win Innovation week, the company has served several solutions related to communication and technology that will ultimately lead to a new transformation world.

(Source)