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The Guangzhou Housing Provident Fund Administration Middle has efficiently applied the utilization of the Chinese language model of the Central Financial institution Digital Forex (CBDC), generally referred to as the digital Yuan, for housing provident fund loans. On June nineteenth, a woman obtained a mortgage of 480,000 yuan by the digital Renminbi (digital Yuan) pockets app, marking the official launch of the digital Renminbi mortgage utility for housing provident funds in Guangzhou. This achievement represents a major step in direction of attaining complete protection of digital Renminbi purposes within the housing provident fund system, together with deposits, withdrawals, and loans.
For the reason that introduction of the digital Renminbi service in August 2022, the Guangzhou Housing Provident Fund Administration Middle has witnessed a gentle enhance in transaction volumes. The digital Renminbi provides a easy transaction course of, quick processing occasions, and excessive ranges of fund safety. The procedures for dealing with digital Renminbi transactions are just like common transactions, supporting counter, on-line, and cell transactions. As of now, the middle has efficiently processed 6,433 digital Renminbi deposit transactions, amounting to 9.0842 million yuan. Remarkably, 97% of depositors have repeatedly used digital Renminbi for housing provident fund deposits. Moreover, 729 digital Renminbi withdrawal transactions have been accomplished, totaling 6.6706 million yuan. Leveraging the moment settlement characteristic of digital Renminbi, 464 depositors had been capable of make well timed repayments on the due date, avoiding late charges. Furthermore, the system has assisted 164 depositors whose transactions failed because of points with their financial institution playing cards, enabling them to finish their transactions seamlessly.
Shifting ahead, the Guangzhou Housing Provident Fund Administration Middle will proceed to advertise the digitization of the housing provident fund system. Their focus will likely be on optimizing public providers to fulfill the varied and specialised wants of companies and the general public. By enhancing the standard of the housing provident fund business in Guangzhou, the middle goals to enhance the well-being of metropolis residents and contribute to the general financial growth of the Guangdong-Hong Kong-Macao Larger Bay Space.
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