Having read the article I don't see it as a lunch of their own cryto currency but an advancement of their payment and banking system because it's not even sure if they will base it on blockchain.

Even if they are launching I don't see it competing against rather as a way to send to the whole world that bitcoin has come to stay because if the blockchain can be adopted then bitcoin that relies on it is getting its basis which then mean those claiming that bitcoin is just increasing without any basis will have to start thinking otherwise.