On November 13th, the People’s Bank of China’s (PBOC’s) Digital Currency Research Institute signed a strategic cooperation agreement with Lakala, China's leading integrated financial service platform. Both parties will combine their respective advantages to jointly promote the functional application of digital renminbi in the retail payment field. Lakala stated that it will actively cooperate with the Digital Currency Research Institute to improve the quality and efficiency of financial services in the real economy and boost the digital economy.