Shortly after the issuing of e-payment licenses, China's leading independent third-party payment service provider, 99Bill, signed strategic partnership agreements with eight major banks, namely the China Construction Bank, the Agricultural Bank of China, the Bank of Communications, China Merchant's Bank, the Pudong Development Bank, China Minsheng Bank, the Guangdong Development Bank and the Shanghai Rural Commercial Bank.
The partnerships will enable secure and reliable payments transactions among these established banking institutions with 99Bill's innovative e-payment solutions.
The e-payment license has changed the position of payment companies in China and put them on the fast track to unprecedented growth. The clear leader in the industry, 99Bill, has obtained six of the seven business scopes approved by the PBOC, the most of any e-payment company in the industry and plans to use its unique advantages to work in conjunction with banking partners to develop innovative financial solutions for enterprise and business customers. 99Bill's scope of cooperation with its eight strategic banking partners includes information management and security, payment and settlement, fund collection, card acquiring, as well as international payment and settlements.
Representative from the Construction Bank of China said, "As commercial financial services become increasingly electronic, customized and integrated, both banking institutions and non-financial payment entities face not only challenges, but opportunities. Partnership and development are the best way to move forward and in the future, we will increase our support for basic payment services. Third-party payment companies like 99Bill are at the forefront of expanding demand and developing value-added services, which will lay the ground work for giving banking services increased exposure to more industries."
99Bill CEO Oliver Kwan added that, "With the chance for growth made possible by massive potential market demand, 99Bill will continue to use technology to drive innovation in financial services and increase capital flow efficiency for our enterprise customers. This is why we have deepened and broadened our cooperations with major banking institutions, working together to push e-commerce in China by providing a better platform for financial services."