Recently, the Postal Savings Bank of China (hereinafter referred to as PSBC) won first place in the e-CNY Demonstration Application Awards at the 11th Golden Pine Awards held by mpaypass.com.cn, with its solution “Smart contract safeguarding e-CNY users’ fund security”.

Since 2014, the Golden Pine Awards has become an important benchmark for the development of the fintech industry in China, reflecting the latest technological progress and service upgrades in the industry. PSBC has actively embraced the innovative e-CNY, and built a smart contract service platform featuring self-dependent innovation, security, controllability, efficiency and transparency relying on the underlying service capacity of the smart contract ecosystem established by the Digital Currency Research Institute of the People’s Bank of China. Leveraging smart contract technology, the platform enables automated execution of transaction conditions and provides an immutable operating environment to ensure the security and transparency of the full-chain fund supervision. With the standardized open service platform offering smart contract prepayment service to potential customers, PSBC has provided a secure and convenient access solution for prepayment platforms and merchants. So far, it has expanded more than 600 smart contract prepayment merchants, the number of whom maintains a leading position in the industry.

Next, PSBC will accelerate the application of smart contract technology to such fields as e-CNY subsidy distribution and supply chain finance. It will further explore application solutions to innovative e-CNY scenarios, and advance the layout of scenarios. Moreover, it will deepen the application of smart contracts, enable customer experience with technological upgrades, and empower value growth with smart solutions, thereby facilitating the development and promotion of e-CNY business.