TMC Debuts Digital Yuan Solution at 2021 CIFTIS

On September 3, the Thematic Exhibition on Financial Services of 2021 China International Fair for Trade in Services (2021 CIFTIS) kicked off in Beijing Shougang Park, which attracted well-known global enterprises to showcase their new products, new technologies and new services. As a key exhibitor of the Thematic Exhibition on Financial Services, TMC, a subsidiary of Guoxin Micro, displayed our security chip ecosystem, particularly the innovative technology applications of our super financial chips, through a series of multimedia interaction and product experiencing activities. To be specific, TMC debuted our digital Yuan solution and its latest technical achievements, drawing wide attention from all walks of life.

Improve Innovation Capabilities in Key Digital Fields to Promote Global Service Trade Prosperity

The CIFTIS is a state-level, international and comprehensive fair jointly hosted by the Ministry of Commerce and the People's Government of Beijing Municipality. It strives to emerge as a barometer for the development of global trade in services and a new driving force of global trade and economic growth so as to play active roles in promoting the prosperity of the trade in services.

"We are honored to be invited to participate in this global event. In recent years, China's digital economy has been growing with a strong momentum. Digital Yuan is a propeller to digitalize financial services. New technologies like big data, cloud computing and AI are playing a critical role in building financial infrastructure，" said Zou Zhongren, Vice President of TMC, “since the People's Bank of China issued the digital yuan project, TMC perceives the importance of improving the innovation capability in key digital fields and consolidating the foundation of digital economy development. To this end, TMC has set up a special R&D team to develop the standards for the hardware wallet and construct the security testing lab for digital currency, undertaking the bottom security design and technical support for the security chips needed by the hardware wallet.”

What Does TMC’s Digital Yuan Solution Look Like?

Digital Yuan, as an innovative technology that digitalizes physical money but is more than electronic money, boasts the legal tender of sovereign credits, the convenience of the dual offline payment and the traceability of directed circulation. The dual offline payment is a highlight of the digital Yuan and differentiates digital Yuan from other internet payment methods. It allows the payments by consumers when the whole network is down and both sides of the transaction are offline, e.g., airplanes or underground parking lots.

The dual offline payment relies on hardware wallets, and payment devices must have built-in SE security chips that reach a certain level of security encryption. Regarding the transaction speed, TMC's digital Yuan solution allows the payment with a touch of the mobile phones thanks to optimized algorithms; for security protection, this solution receives the CC EAL6+ certification to provides the world-class protection for sensitive data transmission and transactions; as to the reliability, it offers large user space to support up to 500,000 program/erase cycles and the data retention of as long as 25 years, maximizing long-term effective services. Meanwhile, this solution supports both international and Chinese cryptographic algorithms. Adopting such technologies as memory encryption storage, bus encryption storage, electrical environment monitoring, anti-power analysis, and anti-fault injection technologies helps establish a comprehensive trusted security mechanism for secure storage, secure operation and secure connections. As a result, this solution meets the stringent requirements of hardware wallet of the digital Yuan for transaction processing, security and reliability.

With this solution, TMC, together with partners, has launched a couple of products and services related to digital currency, such as multi-form hardware wallets and terminal devices for collection. "The large-capacity and high-security chip solution for digital Yuan supports the integration of various industry applications. It can be widely used for the payments in such fields as subway and bus transportation, education and healthcare, and government services. It can satisfy the diversified needs of users for multiple subjects, multiple levels, multiple categories, and multiple forms. Moreover, this solution will help consumers bridge the 'digital gap' to enjoy smart life." Sun Xiaohong, the director of TMC’s Marketing Department, said: “TMC has built the payment scenarios for digital Yuan by working with our partners. Now we’re actively cooperating with operators to drive the pilot operation of digital Yuan in more pilot cities.”

How Does Super Financial Chip Empower Digital Economy?

As a domestic leader of smart chips, Guoxin Micro is committed to launching systematic solutions and innovative terminals to empower the smart upgrade of various industries by leveraging its strong capabilities of chip development. Guoxin Mictro’s blockbuster innovative products for the intelligence ecosystem, such as super financial chip and super automotive chip, have realized massive application with global shipments of over 13 billion units. As a key part of Guoxin Micro, TMC has long been focusing on security chips to establish a leadership in both technologies and market shares. TMC has been committed to technology R&D breakthroughs for digital economy. By integrating state-of-the-art security chips into urban application services, TMC is promoting the high-quality development of such sectors as mobile communications, financial payments, government & utilities, Internet of Things and Internet of Vehicles. Meanwhile, TMC has been expanding the ecosystem to set up an increasingly sophisticated product matrix consisting of security chips, power management chips, on-board control chips, and intelligent identification chips, meeting new service needs such as personalized packaging and customization.

TMC’s super financial chip ecosystem is getting diversified. From security chips for financial payment and financial terminals to Linkai, an operating system for security chips, and then to the latest digital Yuan solution, Guoxin Micro is providing the industry with full-range services covering hardware (chips), software (platforms) and application solutions. Looking into the future, Guoxin Micro and TMC will continue working with customers and partners to empower the fintech innovation through our “super financial chip”, and explore the digital application needs of chips in more fields and on a larger scale, so as to boost the prosperity of the digital economy and create significant social benefits.