As the pilot testing of digital RMB deepens, the application of digital RMB is expanding from consumer scenarios on the C-end to supply chain scenarios on the B-end, especially with the smart contract functionality of digital RMB. Several pilot areas for digital RMB have achieved large-scale applications in the supply chain field. Currently, pilot areas for digital RMB, including Beijing, Chengdu, Qingdao, and Shenzhen, have implemented precise supply chain financial solutions using smart contract design.
Recently, the Xiong'an official website in China announced that in April this year, the supply chain financial solution of 'Open Banking (Rong E Ju) + Intelligent Custody + Factoring', based on digital RMB smart contract technology, was launched in Xiong'an New Area. As of November, this scenario achieved an application of digital RMB smart contracts on the State Grid's digital industrial chain financial service platform 'Dian e Jin Fu', surpassing 120 million yuan.
It is reported that this digital RMB smart contract application plan was jointly created by the Hebei Xiong'an Branch of the Industrial and Commercial Bank of China, under the guidance of the Xiong'an New Area Reform and Development Bureau and the People's Bank of China, in collaboration with State Grid Yingda Group, State Grid Hebei Electric Power, State Grid Xiong'an New Area Power Supply Company, State Grid Hebei Material Company, and State Grid Xiong'an Factoring, establishing a new paradigm of supply chain finance, which was first demonstrated and applied in Xiong'an New Area. Currently, the pilot suppliers of the power grid have covered four provinces: Hebei, Shandong, Jiangsu, and Guangdong, driving the use of digital RMB settlements in the power grid industry chain to exceed 800 million yuan, with a digital RMB circulation transaction volume exceeding 600 million yuan, and digital RMB financing loans exceeding 100 million yuan.
In the top-level design of digital RMB, by loading smart contracts that do not affect monetary functions, digital RMB has achieved programmability, allowing for automatic payment transactions based on different triggers set by time, scenario, and user group. It features traceability, programmability, strong credit, and instant payment. These characteristics simplify the regulatory path of funds in supply chain finance, significantly enhance capital turnover efficiency, and effectively address the multi-party accounting processing issues in the traditional account system, improving overall management efficiency.
A relevant person in charge of the Hebei Xiong'an Branch of the Industrial and Commercial Bank of China stated that the implementation of this scenario promotes the deep integration of industry, finance, and technology, effectively solving pain points such as difficulties in account management, business review, and fund allocation in online accounts receivable factoring, alleviating the financing difficulties of small and micro enterprises along the upstream and downstream of the power grid industry chain.
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