Digital RMB Operating Agencies Are About to Expand—Here’s What You Need to Know

• Broader Geographic Coverage: Leveraging regional banks to reach local markets.
• Increased Competition: Encouraging innovation through a more diverse pool of operating agencies.
• Improved Accessibility: Providing more consumer touchpoints for digital wallet activation.
• Ecosystem Maturation: Moving from pilot phases to large-scale infrastructure integration.

China’s central bank is making a major move to scale up its digital currency infrastructure.

According to reporting from the Shanghai Securities Journal (Shanghai Zhengquan Bao 上海证券报), the People’s Bank of China (Zhongguo Renmin Yinhang 中国人民银行) is preparing to onboard a significant wave of new banks to operate Digital RMB (e-CNY) services.

This expansion signals a critical inflection point for China’s digital currency ecosystem—and what it means for the broader fintech landscape.

The Expansion: 12 New Banks Getting Shortlisted

Here’s the headline: twelve commercial banks are reportedly being shortlisted to connect to the People’s Bank of China’s central digital RMB system.

According to sources who spoke with reporters on March 20th, these institutions have already received notices from authorities.

What they’re being asked to do:

• Complete system research and development
• Run joint debugging and testing protocols
• Pass acceptance reviews and move to production
• Launch officially as scheduled

“We have received the relevant notices and requirements from the authorities,” a source from a city commercial bank confirmed.

“We are required to complete system research and development, joint debugging testing, acceptance and production, and the official public launch as scheduled.”

Who’s Getting Added: The Full Breakdown

The expansion list breaks down into two categories: seven national joint-stock commercial banks and five regional city commercial banks.

National Joint-Stock Banks Joining the Network

These are the big players—tier-one institutions with national reach:

• China CITIC Bank (Zhongxin Yinhang 中信银行)
• China Everbright Bank (Guangda Yinhang 光大银行)
• Hua Xia Bank (Huaxia Yinhang 华夏银行)
• China Minsheng Bank (Minsheng Yinhang 民生银行)
• China Guangfa Bank (Guangfa Yinhang 广发银行)
• Shanghai Pudong Development Bank / SPDB (Pufudong Fa Yinhang 浦发银行)
• Zheshang Bank (Zheshang Yinhang 浙商银行)

Regional City Commercial Banks Joining the Network

These institutions bring regional strength and local market expertise:

• Bank of Ningbo (Ningbo Yinhang 宁波银行)
• Bank of Jiangsu (Jiangsu Yinhang 江苏银行)
• Bank of Beijing (Beijing Yinhang 北京银行)
• Bank of Nanjing (Nanjing Yinhang 南京银行)
• Bank of Suzhou (Suzhou Yinhang 苏州银行)

What’s Currently Operating: The Existing Infrastructure

Before we talk about what’s coming, let’s understand where things stand today.

Currently, 10 banks are already serving as operating agencies for Digital RMB business:

• Industrial and Commercial Bank of China / ICBC (Gongshang Yinhang 工商银行)
• Agricultural Bank of China / ABC (Nongye Yinhang 农业银行)
• Bank of China / BOC (Zhongguo Yinhang 中国银行)
• China Construction Bank / CCB (Jianshe Yinhang 建设银行)
• Bank of Communications / BOCOM (Jiaotong Yinhang 交通银行)
• Postal Savings Bank of China / PSBC (Youchu Yinhang 邮储银行)
• China Merchants Bank / CMB (Zhaoshang Yinhang 招商银行)
• Industrial Bank (Xingye Yinhang 兴ye Yinhang)
• WeBank (Weizhong Yinhang 微众银行)
• MYbank (Wangshang Yinhang 网商银行)

These institutions form the backbone of the current Digital RMB ecosystem.

The Math: What This Expansion Really Means

If the expansion moves forward as reported, the total number of Digital RMB operating agencies will jump from 10 to 22 institutions.

That’s a 120% increase in the operating agency network.

Think about what that implies:

• More banks = broader geographic coverage across China
• More competition = innovation in how digital RMB services get delivered
• More infrastructure = faster on-ramp for consumers and businesses to access e-CNY
• More touchpoints = deeper integration into China’s financial ecosystem

This isn’t a small tweak—it’s a structural scaling of the entire system.

Why This Expansion Is Happening Now

This move didn’t come out of nowhere.

In November 2024, Pan Gongsheng (潘功胜), Governor of the People’s Bank of China, delivered a keynote speech at the Financial Street Forum annual meeting.

His message was explicit: the central bank supports more commercial banks in becoming operating agencies for Digital RMB services.

That speech was essentially a green light for what we’re seeing now.

The central bank has made it clear: Digital RMB adoption is a priority, and part of scaling adoption means giving more financial institutions the ability to participate in the network.

Understanding the Digital RMB Itself

For context: the Digital RMB is a legal digital currency issued and regulated by the People’s Bank of China.

Key characteristics:

• It’s built on cutting-edge technology including distributed ledger technology
• It maintains regulatory oversight and central bank control
• It’s designed to be interoperable with emerging financial technologies
• It’s been in steady development for several years

According to official sources, the Digital RMB ecosystem has already been preliminarily established, with steady progress made in recent years.

What we’re seeing with this expansion is the next phase of maturation—moving from foundational infrastructure to widespread adoption and use cases.

What This Means for the Broader Market

Why should you care about Digital RMB operating agencies expanding?

A few reasons:

• Institutional momentum: When a central bank accelerates infrastructure rollout, it signals genuine commitment to adoption over the long term
• Competitive dynamics: More operating agencies means more pressure on banks to innovate around digital currency services
• Consumer accessibility: Retail users and merchants will have easier access points to Digital RMB services
• Innovation catalyst: The expansion creates demand for fintech solutions, APIs, and infrastructure built on top of e-CNY

For investors tracking China’s fintech and digital payment space, this expansion is a solid data point confirming that the central bank is serious about moving Digital RMB from pilot to mainstream.

The Bottom Line

China’s Digital RMB is about to become significantly more accessible.

The expansion from 10 to 22 operating agencies represents a major structural upgrade to the e-CNY ecosystem.

Whether you’re monitoring China’s fintech evolution, looking at digital currency developments globally, or analyzing the competitive landscape for Digital RMB operating agencies, this expansion is a milestone worth tracking.

The infrastructure is being built, the banks are being onboarded, and the central bank has made its intentions clear.

Now comes the execution phase—and that’s where things get interesting.

References

• Digital RMB operating agencies expected to expand: Multiple joint-stock and city commercial banks shortlisted – Shanghai Securities Journal
• Digital Renminbi (e-CNY) Research and Development Progress – People’s Bank of China
• China to Expand e-CNY Operating Agencies – Central Banking