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First Foreign Company Gets the Third-Party Payment License

2014-August-4       Source: Newsgd.com

Recently, Chinese Central Bank announced the award of the third-party payment license to the fifth group.

Recently, Chinese Central Bank announced the award of the third-party payment license to the fifth group. Accordingly, there are 19 companies getting the license, with the date of issue from 8, July to 10, July. Afterwards, there are 269 companies in total holding this license. Specially, one of the awarded companies, Beijing Changjie Payment Technology Limited Company is a foreign-owned company, 75% of whose shareholdings are held by the subsidiary of Yongyou Software Co. Ltd. In addition, Changjie Company has been listed on the Hongkong Stock Market since June, 2014. Such situation indicates that the Chinese Central Bank is optimistic about the expansion to the foreign-owned company.

According to the Article 8 of Administrative Measures for the Payment Services of Non-financial Institutions , the applicant for Payment Business License shall be a limited liability company or stock limited company established in the People's Republic of China in accordance with law and a non-financial institution with legal person status.

(This information is provided by Lawyer Kelly Xie from Guangdong KaiTong Law Firm in friendship. It is not any legal opinion or legal grounds addressed to any organization or individual. For inquiry, please contact Kelly via email at Kelly_xie@ktlf.com.cn or by phone on 13926185641.)

Editor: Olivia

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