On May 19, Galaxy Securities and Industrial and Commercial Bank of China jointly held an online press conference, announcing that the China Securities Regulatory Commission had officially approved the launch of China Galaxy’s digital RMB investment in off-site wealth management products. The project was jointly developed by Galaxy Securities and Industrial and Commercial Bank of China, and the application scenario of “purchasing OTC wealth management products with digital renminbi under the three-party depository system” was designed. This is also the first digital renminbi application scenario in the securities market.
According to Luo Liming, member of the Party Committee and vice president of Galaxy Securities, after the function is launched, eligible users can complete the binding of digital renminbi wallets, and can use digital renminbi to pay when investing in off-site financial products such as public funds. Using digital renminbi to invest in off-site wealth management products can place orders 7*24 hours, and because digital renminbi has the characteristics of “payment and settlement”, it can improve the efficiency of capital flow, and redeem and withdraw cash one day in advance; in addition, digital renminbi “can be loaded with smart contracts” , “traceable” and “not illegally forged and copied” to effectively protect the safety of investors’ funds.
Wang Sheng, deputy secretary of the party committee and president of Galaxy Securities, said that Galaxy Securities is currently actively participating in the second batch of financial technology innovation pilots in the capital market. In the future, it will continue to enrich the application scenarios of digital renminbi and gradually build a complete digital renminbi capital market application ecology.
