17 July 2018
Visit www.gemalto.com

Cross-border payment developer Yian Tongbao inks cooperation deal with ChinaPay and Yiwu China

17 May 2016  |  2299 views  |  0 Source: China Public Procurement Limited

China Public Procurement Limited (the "Company" or “CPP”, HKEx stock code: 1094) is pleased to announce that, on May 12, Beijing Yian Tong Bao e-commerce Limited (“Yian Tong Bao”), which is the Company intends to acquire and is principally engaged in electronic platforms for clearing and settlement service, has entered into a tripartite cooperation framework agreement with Shanghai ChinaPay Electronic Payment Services Co., Ltd. and Yiwu China Commodities City Information and Technology Company Limited in relation to cross-border online settlement business.

As the announcement dated dec 21 2015, CPP intends to acquire Yian Tong Bao.

The cooperation is exclusive. Yian Tongbao as the official channel distributor and market developer of ChinaPay, has the exclusive right to provide settlement solutions regarding cross border payment in Renminbi and foreign currency to Yiwu China and its customers, as well as one of the cross-border e-commerce transaction platform of Yiwugou, a subsidiary of Zhejiang China.

The annual amount of Yiwu City’s export exceeds RMB 2 trillion. Currently, there are about 500 thousands commercial entities, of which more than 100 thousands are owned by foreign procurement companies requiring cross-border payment services. As one of the world’s largest small commodities distribution centre, there are sizable demand for procurement and cross-border payment services in Yiwu City. The agreement enables the three parties to provide cross-border payment services under the terms of service trade. It is a solution towards the bottleneck of cross-border payment issue in Yiwu city. 

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit info.nice.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
10399 views comments | 19 tweets | 30 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
9367 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
8728 views comments | 6 tweets | 14 linkedin
Citi to streamline corporate receivables with HighRadiusCiti to streamline corporate receivables w...
7742 views comments | 1 tweets | 5 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job