Comment on Shanghai FTZ Launches Pilot Program for Cross-border RMB Payment by Cross-border E-commerce Site Metao Scoops Funding as Chinese Online Shoppers Look Abroad - TechNode

['Emma Lee', 'More Emma Lee', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-02-19 00:00:00

Shanghai Free Trade Zone (FTZ) launched a new pilot program for RMB cross-border settlement service, allowing five third-party payment companies, namely, All In Pay, 99Bill, ChinaPay, EasiPay, ShengPay to handle this business in cooperation with their bank partners (via Tech Sina). According to the guideline from PBOC, companies with online payment licenses that are either located in Shanghai or run subsidiaries in the free trade zone can provide cross-border RMB payment services. This means all the 17 payment companies with online payment license in Shanghai are qualified to run this business. But both Alipay and Tenpay are now offering their own cross-border payment solutions. The transaction volume of RMB cross-border settlement hit 4.63 trillion yuan ($762.21 billion) in 2013, up from 2.94 trillion yuan in one year earlier, according to PBOC.