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Digital currency, especially that issued by central banks, is poised to challenge existing payment methods by offering faster and more convenient ways to settle transactions.

Ding was caught on May 11 when he drove a car to a hotel in Haidian from Hebei, and is under detention, the statement read.

Ding Wenwu, president of China Integrated Circuit Industry Investment Fund Co Ltd, said earlier that money has been flowing into the chip design segment, which has a lower technological threshold and offers quick investment returns, but more efforts are needed to bankroll the chip material, equipment and manufacturing segments, which take a far longer time to recoup investment.

Despite this, banks still have other solutions which include structured deposits and large-denomination certificates of deposit to mitigate the effect of tighter regulations on cash management-oriented products.

Despite the progress, Oppo still faced challenges such as sluggish global smartphone market and strong competition from rivals.