- Peak Fintech Group’s (PKK) Gold River and Cubeler lending hub platforms are now ready to support China’s new Digital Currency Electronic Payment (D/EP)
- The DC/EP took over five years to develop and is expected to help bring China’s unbanked population into the mainstream economy
- Peak’s DC/EP pilot project will coincide with the arrival of Xingcheng Special Steel Works
- Xingcheng is the second largest supplier of specialized steel products in China
- Peak Fintech is currently down 6.57 per cent to C$1.28 per share
Peak Fintech Group’s (PKK) Gold River and Cubeler lending hub platforms are now ready to support China’s new Digital Currency Electronic Payment (D/EP).
Unlike cryptocurrencies such as Bitcoin, China’s DC/EP is legal tender, backed by yuan deposits, centralized and not anonymous.
The digital currency is managed by China’s Central Bank, which requires the country’s banks to convert a part of their yuan holdings into DC/EP form and distribute them to businesses and citizens via mobile technology.
The DC/EP took over five years to develop and is expected to help bring China’s unbanked population into the mainstream economy and accelerate the country’s move to a cashless society.
Peak, a fintech service provider to the Chinese commercial lending sector, began preparing its platforms for the DC/EP last month with the hiring of former People’s Bank of China senior manager, Wenjun Wu, as special advisor.
Through Wu’s expertise in the matter and his relationship with the Postal Savings Bank of China, one of a select few banks with the DC/EP application programming interface, Peak’s platforms are now among the first to provide clients with the ability to conduct DC/EP transactions.
Peak plans to run a pilot project beginning later this month with a few supply-chain financing related transactions before making the feature available to all Gold River and Lending Hub clients.
Peak’s DC/EP pilot project will coincide with the arrival of Xingcheng Special Steel Works Ltd. (XSSW) to the Cubeler Lending Hub Ecosystem.
XSSW is the second largest supplier of specialized steel products in China servicing a variety of industries and manufacturers with products such as bearings, alloy steel wires, plates, rods and springs that go into the making of numerous products.
By officially adding XSSW to Lending Hub’s list of approved suppliers and working in partnership with XSSW, Peak will now be able to offer its supply-chain financing services to all XSSW clients through joint marketing initiatives.
Peak Fintech is currently down 6.57 per cent to C$1.28 per share at 10:07am EST.