The Suzhou leg of 55 Shopping Festival, a two-month shopping spree jointly organized by the governments of Suzhou and Shanghai, kicked off in SIP in May. During the event, digital red envelops (hongbao in Chinese) containing digital cash gifts totaling about RMB10 million were distributed to consumers through a draw lot.
“We joined hands with six banks and several other companies during the festival to expand the application of digital yuan. For financial institutions and fintech developers, there is a ‘blue sea’,” said an official from SIP Financial Development and Risk Prevention Bureau.
It is learnt that SIP is developing and optimizing a series of platforms including a fintech management and service information platform to support development and application of financial technology.
