The central bank’s Digital Currency Research Institute and China UMS, a subsidiary of China UnionPay, signed a strategic cooperation agreement on December 8th. The parties will leverage UnionPay’s consumer network, conduct joint research, and expand the product functions and application scope of the digital renminbi. UMS is one of the largest comprehensive payment service providers in China. Its POS business was ranked the 1st in APAC according to Nelson in 2018. Its existing payment network will further promote the construction of the digital renminbi ecosystem.