March, 2023. Suzhou, China - The 2023 Digital RMB Sustainable Development Seminar recently took place in Suzhou, where XGD INC. participated as a representative of the fintech industry. The company showcased its innovative achievements and significant practices in digital RMB terminal devices, system development, and solution services.
Co-hosted by the Suzhou Digital Finance Industry Association and Mobile Payment Network, the seminar attracted nearly 200 organizations across the entire digital RMB industry chain, including regulatory bodies, tier-two operating institutions, tier-2.5 commercial banks, payment institutions, card merchants, and solution providers. Discussions centered on digital RMB key topics such as pilot progress, promotional strategies, integration challenges, corporate services, SaaS offerings, innovative products, and smart contracts.
Empowering Financial Inclusion through Product Technology
XGD INC. prominently featured several key products capable of processing digital RMB, including the mobile smart terminals N86 and N5, the eSIM payment terminal KD60, and the payment announcer KD58. All XGD INC.'s smart terminals now support digital RMB, catering to the upgrade needs of merchants across various industries.
At the XGD INC. booth, product managers demonstrated the "Digital RMB Dual Offline" payment feature, which integrates a visual hardware wallet with a smart POS terminal. This innovative solution drew significant interest from attendees, showcasing how payments can be completed effortlessly by tapping the hardware wallet, even when the POS terminal is offline. This functionality is particularly suited for low-value payment scenarios, such as public transportation, enhancing convenience for elderly users and children.
Enhancing Business Service Capabilities through Diverse Channels
In addition to hardware, the exhibition included customized hardware wallets, digital RMB consumption red envelope distribution, and smart contract development services, alongside XGD INC.'s business layout in the digital RMB tier-2.5 ecosystem.
Tier-2.5 institutions refer to all licensed financial institutions, including banks, payment agencies, insurance companies, and finance companies, that serve as a bridge connecting the operating institutions with the public within the digital RMB system. XGD INC.'s subsidiary, JLPay, has rich experience in consumer services, providing a new direction for building the tier-2.5 ecosystem.
JLPay boasts a range of mature solutions, such as its aggregation rights platform and JLPay Cloud Store. In recent years, it has served as the execution partner for various government consumption voucher projects across the country. These projects encompass a wide array of merchant types in retail, dining, entertainment, hospitality, real estate, finance, and government services, offering various types of consumption vouchers, including government subsidies, card discounts, and automotive and appliance incentives. This initiative not only supports economic recovery but also generates positive social impact.
Building on this foundation, JLPay is developing reusable products and service solutions to cover more digital RMB consumption voucher redemption scenarios. Currently, the company is designing a comprehensive digital RMB demonstration park solution to implement large-scale pilot applications at the park level, enhancing the commercial service capabilities and value-added potential of tier-2.5 institutions while promoting digital RMB adoption.
As the application scenarios for digital RMB continue to expand, the demand for diversified product innovation will persist. In January, Liu Xiang, Chairman of XGD INC. and a representative at the Guangdong Provincial People’s Congress, proposed accelerating the establishment of a cross-border payment environment for digital RMB in the Greater Bay Area. His suggestions included updating payment terminals in Hong Kong and Macau, integrating digital RMB with local payment systems like "Faster Payment," and providing merchant training for accepting digital RMB.
At the seminar, Mr. Li Lin, General Manager of XGD INC.'s General Equipment Center, emphasized that as pilot programs advance, XGD INC. is well-equipped to address emerging payment scenarios, including cross-border payments and e-commerce, as well as new market demands for integrated payment solutions. The company is committed to providing the necessary equipment, services, and system solutions to help clients seize growth opportunities and enhance profitability.
XGD INC. has consistently maintained an innovative stance in the payment sector, actively exploring technological frontiers and responding to market demands with product and service innovations. Looking ahead, XGD INC. will continue to launch high-quality products, embracing and driving the wave of digital transformation through tangible actions.
