Chengfang Financial Technology Co., Ltd. (Chengfang Fintech), a subsidiary of the People's Bank of China (PBOC), has renewed its partnership with MuRong Technology. Under the agreement, MuRong will modernize the software infrastructure behind China's payment and settlement systems and expand key functions within core business systems.

MuRong's relationship with the PBOC spans many years. The company previously designed the architecture for the Cross-Border Interbank Payment System (CIPS) and delivered core system development services. This renewed engagement deepens that track record.

MuRong will deliver flexible and scalable technology to improve the performance and stability of the communication and gateway layer. The company will also refine and optimize core system modules and functions. These upgrades will help the central bank build a more inclusive, digitally driven financial service system. Expected gains include faster transaction processing, stronger system resilience, better customer experience, and improved service responsiveness and operational efficiency.

Chengfang Fintech was established by the PBOC to strengthen the central bank's financial service capability, advance fintech development, and drive digital innovation. It provides the PBOC with secure, comprehensive financial information products, services, and solutions.