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China's Industrial Bank rewards digital yuan spending with carbon credits

The bank is known for its commitment to innovation, green finance, and technological advancements.

China's Industrial Bank rewards digital yuan spending with carbon credits

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Fuzhou-based commercial bank Industrial Bank (CIB), has unveiled a novel rewards system that enables users to earn carbon credit points through digital yuan (e-CNY) spending, according to a recent report from Cnfol.com, an online financial information platform.

Through the bank’s mobile app, users can now accumulate carbon points for a range of transactions, from daily payments to fund investments and credit card repayments.

As noted, this initiative is part of Industrial Bank’s broader strategy to foster a green consumption culture and enhance the digital yuan ecosystem. The bank, a forerunner in green finance, has successfully implemented digital yuan transactions for carbon offset purchases and green loans.

With nearly 7.3 million digital wallets and a transaction volume surpassing 300 billion yuan, Industrial Bank’s adoption of digital currency is on the rise.

Industrial Bank is a key player in providing process robot services and commercial banking information systems in China.

The bank’s vision is to create a comprehensive technology infrastructure that integrates all services, focusing on Internet financial services. The goal is to expedite the development of open banking and establish a pervasive, instantaneous Bank 4.0 service model.

Industrial Bank’s latest move comes amid China’s ongoing efforts to expand e-CNY use. Chinese authorities are collaborating with state-owned and private banks to promote the digital yuan, aiming for broad acceptance among businesses and consumers.

Recently, Hong Kong also started allowing the use of digital yuan in local stores, as reported by Reuters.

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