A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020.
Aly Song | Reuters
BEIJING — Ant Group, an affiliate of Alibaba, is becoming one of the first major privately run businesses to work with China’s digital currency trials.
MYbank — an online-only bank in which Ant has a 30% stake — is allowing some users to link their accounts with China’s digital yuan app, state-backed China Securities Journal said Monday.
The new feature is accessible to some users through Ant’s Alipay app, another report from the journal said. Alipay is one of the two primary mobile pay apps in China, where using smartphones for daily payment transactions is the norm.
In the last year, the People’s Bank of China (PBOC) has distributed several million dollars’ worth of a digital yuan through an app that is connected with the six major, state-owned banks. These tests…