Press Release

Leading Cross-border Innovation in Digital Renminbi
e-CNY Hard Wallet Self-service Card Issuing Machine Officially Debuts

(HONG KONG, 22 February 2023) As land crossings between Hong Kong and Mainland China fully reopened, and with the strong support of the Lo Wu District Government, Bank of China Shenzhen Branch (BOC SZ) and Octopus Cards Limited (OCL) have joined hands to launch an e-CNY Hard Wallet Self-service Card Issuing Machine (“Self-service Card Issuing Machine”) in Lo Wu to provide an extra option for Hong Kong residents’’ cross-border consumption at first landing.

After entering Shenzhen, Hong Kong residents can now purchase an e-CNY Hard Wallet Card with their Octopus App at the Self-service Card Issuing Machines, which can be used for consumption payment in the Mainland. Hard Wallet users will enjoy a 20% spending rebate provided by the District Government (the maximum rebate for each person is 200 yuan). The spending process does not require a mobile phone or the internet connection.

In order to encourage more Hong Kong residents to spend in Shenzhen and inject vitality into its economic recovery, the Lo Wu District Government, in conjunction with the Bank of China, held the "Digital Renminbi Cross-border Carnival" and is harnessing the Digital Renminbi advantage in issuing a total of 10 million yuan in Digital Renminbi consumption subsidies to Hong Kong residents for the first time. The District Government hopes to seize the opportunity to highlight the cross-border spending subsidy targeted to enhance a new momentum in consumption recovery.

The Self-service Card Issuing Machine presents China’s first cross-border application in Shenzhen, creating many new breakthroughs in consumption scenarios in the Greater Bay Area. The launch not only represents the first large-scale issuance of consumer vouchers to cross-border visitors, but also the first attempt at a digital currency cross-border scenario that deeply integrates with Hong Kong's mainstream small-value payment vehicle. This event will further strengthen the interconnectivity of the Greater Bay Area economy and fully demonstrate the innovative spirit of the Area.

The Person-in-Charge of the e-CNY Group Project Manager of the Bank of China Shenzhen Branch said that Digital Renminbi has shown obvious comparative advantages in terms of product strength and its integration into supporting solutions for cross-border usage scenarios. Digital Renminbi enables organisations to provide convenient, efficient, and low-cost financial solutions for all walks of life, helping governments, enterprises and institutions to allocate funds more flexibly and accurately. The general public eventually benefits from it as the cost of capital circulation is reduced and the circulation methods are diversified.

"We are very pleased to partner with Bank of China to take the lead in realising the innovative application scenarios of Digital Renminbi to help Hong Kong people’s cross-border smart consumption,” said Mr. Edwin Lai, Head of Business Development and International Business of OCL. “Octopus is the most popular electronic payment system among Hong Kong citizens; and Lo Wu is a key port of border crossing between Mainland China and Hong Kong. This collaboration is of great significance for both parties to optimise the e-CNY financial infrastructure.” Octopus is the first payment solution provider in Hong Kong, offering an e-CNY Hard Wallet.

The official debut of the e-CNY Hard Wallet Self-service Card Issuing Machine in the Greater Bay Area is of great significance for expanding the Digital Renminbi cross-border scene, further improving the Shenzhen Digital Renminbi ecosystem, and promoting the interconnection and interoperability of consumption in the Guangdong-Hong Kong-Macao Greater Bay Area. In addition to the cross-border scenarios, the Self-service Card Issuing Machine will be put to other innovative scenarios tailored for the elderly, children and other groups in the future.

 

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