February 9-10, 2023. Jiangsu, China - JLPay, a subsidiary of XGD INC., participated in the Jiangsu Provincial Digital Currency Pilot Observation Conference. The event attracted over 100 attendees, including members of the Jiangsu Provincial Pilot Working Group, representatives from the People's Bank of China, and local financial regulatory authorities from various cities.
During the conference, Manager Wu Ying of JLPay's Suzhou branch presented a comprehensive overview of XGD INC.'s digital currency initiatives, focusing on business development and future plans. Her presentation provided valuable insights into the growth of digital currency services.
Since 2019, XGD INC. has aligned closely with national policies and market demands by establishing a Digital Currency Research Institute dedicated to promoting the pilot implementation of the digital yuan. In 2020, XGD INC. joined the hard wallet standard group at the Digital Currency Research Institute, and in 2021, it collaborated with the Suzhou High-speed Rail New City Financial Bureau to establish a "Digital Currency Application Laboratory." To enhance localized service capabilities and accelerate the integration of digital currency technology with industry, XGD INC. established the JLPay Suzhou Branch in 2022, further extending its business reach in Suzhou and surrounding cities.
In the current environment of promoting consumption, stabilizing domestic demand, and supporting market entities, consumption vouchers represent a direct, effective, and easily accepted method for promoting the digital yuan. JLPay Suzhou Branch plans to actively collaborate with the Xiangcheng District of Suzhou to leverage digital yuan consumption vouchers, encouraging resident spending and maximizing resource efficiency through sustainable voucher distribution.
JLPay brings extensive experience and impressive data performance in this area. In 2022, as the executing agency, JLPay assisted the Tibet government in conducting 109 rounds of various consumption subsidy campaigns, issuing over 1.6 million vouchers and redeeming 730,000, with a total subsidy amount of 143 million yuan, driving consumption of 750 million yuan, achieving a leverage ratio of 1:5.24. Notably, Lhasa received subsidies totaling 101 million yuan, stimulating consumption of 517 million yuan, while Shigatse benefited from 42.11 million yuan in subsidies, leading to 232 million yuan in consumption.
Looking ahead, JLPay will continue to leverage the diversified capabilities and resources of the XGD INC., expanding from specific business initiatives to ecosystem development. The company aims to provide digital yuan application capabilities across various scenarios, including smart campuses, autonomous driving, shopping districts, electric vehicle charging, banking benefits, carbon neutrality, and community health services. By developing innovative digital yuan application solutions at the park level, JLPay seeks to drive the efficient and large-scale implementation of digital yuan pilots with greater speed and effectiveness.
