Ningbo Bank Releases "Digital Yuan" Announcement Signaling Shift, Multiple Banks Planning to Become Operating Institutions?

(Source: Digital Legal Currency Research Society)

Mobile Payment Network News: On March 17, Ningbo Bank announced two notices on its official procurement management system, calling for “Digital Renminbi System Construction Project Suppliers.” The notices show that, according to business development needs and Ningbo Bank’s procurement management regulations, they plan to publicly solicit suppliers for the “Digital Renminbi System Construction Project,” inviting qualified suppliers to participate in proposal negotiations.

Specifically, suppliers must have a registered capital of at least 2 million RMB; operate normally and have been in business for at least 2 years; have no recent criminal records related to bribery, not be listed as dishonest persons subject to enforcement, and have no restrictions on high consumption or travel bans; possess a complete organizational structure and standardized policies, and have sufficient technical, personnel, and equipment resources.

Technically, suppliers should have experience in building digital currency operation institutions and be familiar with the digital renminbi wallet system; suppliers need strong capabilities in parameter management, complex system interaction scenarios, accounting processing, and financial reconciliation architecture. They should have relevant project cases within bank core systems, with forward-looking and practical technical solutions.

Suppliers must have system integration capabilities, support development according to bank frameworks, accommodate personalized requirements, and provide comprehensive solutions. They should have strong architecture design skills to develop highly reusable business components. Their products or solutions must meet our bank’s technical standards, include a systematic internet channel system construction plan, and be compatible with our platform development strategies and interface standards, with strong compatibility to meet internal functional and security requirements. Suppliers should have certain technical expertise, with well-developed solutions for common frameworks or engines, and the ability to customize further. Their products or solutions must comply with regulatory documentation requirements. The company should hold CMMI assessment certification and IOS system certification. Core team members (architects) should have experience in multiple industry projects, especially those related to digital currency operation institutions. Preference will be given to those with relevant implementation experience. After winning the bid, suppliers should have sufficient personnel to immediately begin R&D to ensure timely deployment and launch. Suppliers agree that the results of this project, including application systems and technical documents, will belong to our bank, which holds the copyright, patent application rights, patents, trade secrets, and other related intellectual property rights.

It is understood that the “Digital Renminbi System Construction Project” required by Ningbo Bank aims to develop the necessary internal digital currency systems within a specified timeframe, build Ningbo Bank’s digital renminbi core system and related scenario ecosystem functions. The project scope includes requirements design, architecture design, development, etc., with the main objectives as follows:

1. Build the digital renminbi core platform to enable autonomous wallet circulation and operation. Based on the standards required by the People’s Bank of China Digital Currency Research Institute, establish our bank’s digital currency wallet system to realize functions such as wallet issuance, transfer, and interest calculation.

2. Directly connect to the People’s Bank of China Digital Currency Research Institute, achieving a smooth migration from Layer 2.5 to Layer 2.0. Interface with the PBOC’s interconnection platform and other systems, and migrate the functions involved in our bank’s current connection to ICBC’s Layer 2.5 architecture to a self-built digital currency core system, ensuring a smooth transition from Layer 2.5 to Layer 2.0.

3. Build a digital currency scenario ecosystem to initially expand digital currency applications. Based on the core system’s capabilities, develop an initial phase of scenario ecosystem functions, including smart contract systems, consumer red envelopes, and digital currency bridges.

From this, it is clear that Ningbo Bank’s procurement requirements are very high, demanding comprehensive system integration capabilities and the ability to help build the digital renminbi core platform that supports autonomous wallet circulation, all while complying with regulatory standards. This also indicates that Ningbo Bank is expanding from a Layer 2.5 to a Layer 2.0 digital renminbi operation institution, making the addition of operational institutions almost a certainty.

Last year, SPD Bank posted recruitment notices on its official website, seeking digital renminbi testing, development, and domain architecture design positions. The responsibilities for the domain architecture design role explicitly included overseeing the overall construction and implementation of the digital renminbi operation institution project, seemingly preparing to become an operational institution.

On October 27 last year, PBOC Governor Pan Gongsheng delivered a speech at the 2025 Financial Street Forum, stating that the People’s Bank of China will further optimize the digital renminbi management system, research and improve its positioning within the monetary hierarchy, and support more commercial banks in becoming digital renminbi business operation institutions.

Currently, the designated operational institutions for digital renminbi remain at 10 banks: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank, China Merchants Bank, MYbank, WeBank, and Industrial Bank. According to Mobile Payment Network, there have been rumors that the number of digital renminbi operation institutions is expanding, with several banks planning to become operational institutions.

Ningbo Bank’s procurement signals its potential to become an operation institution. Historically, the importance of a bank’s system correlates with its capital and strength. Given the high costs and technical upgrades required for operation institutions on digital renminbi, banks with strong system-building capabilities are likely to be favored. As many Layer 2.5 banks are transitioning to Layer 2.0 operation institutions, capable system providers and service vendors could become key players in this “upgrade” process.

At this pivotal point in the digital renminbi 2.0 era, Ningbo Bank’s signals suggest that other banks among the 21 systemically important banks in China may also successfully transition from Layer 2.5 to Layer 2.0 operation institutions!