Shenzhen Welcomes Businesses with Benefits to its Digital Yuan Industrial Park

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Companies across various sectors – from industrial firms, fintechs, commercial banks, to startups – that decide to set up shop in Shenzhen’s newly inaugurated digital yuan industrial zone will enjoy a suite of perks. These include settlement payments ranging from 500,000 to 50m yuan (roughly US$6.8m), up to three years of rent-free tenure, and loans at attractive interest rates.

This park, situated in Shenzhen’s Luohu district, has been introduced by China to bolster the adoption and utilisation of its central bank digital currency (CBDC). The move aims to both amplify novel use cases spanning diverse business areas and strengthen the digital yuan’s economic footprint.

Moreover, China Daily disclosed that the Chinese government is earmarking 100 million yuan (approximately U$13.7m) as a dedicated fund over the upcoming three years. This is intended to augment the digital RMB ecosystem in Luohu, concentrating on aspects like computing, algorithmic strategies, and data pertinent to the digital realm.

Among the park’s goals are to introduce efficient payment mechanisms across varied sectors, foster the incorporation of blockchain-based smart contracts, merge hardware wallets with intelligent gadgets, and advocate for the execution and popularisation of the digital yuan (e-CNY).

The park aims to be a pivotal landmark in China’s journey towards digital currency evolution. With an eye on bringing in digital RMB industry leaders, fintech innovators, and major platform giants, Luohu is crafting a distinctive trajectory for the digital economy sector in the ensuing three years. This, in turn, aims to significantly elevate Shenzhen’s digital economy stature.

As of now, the park is already home to nine financial entities, one notable name being the payment service firm, Lakala Payments.

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