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People’s Bank of China and SWIFT to create a payment gateway

The international system of cross-border payments SWIFT and the People’s Bank of China (PBC) registered a joint company Finance Gateway Information Service Limited on January 16. As the name suggests, she will be developing a payment gateway, writes CoinDesk.

The company’s mission is unknown, its creators did not respond to the comments of the publication. From information from open sources, it follows that it will deal with the aggregation of information systems, data processing and technological consulting.

The authorized capital of Finance Gateway Information Service amounted to € 10 million ($ 12 million). 55% of it is owned by a subsidiary of SWIFT in Hong Kong, 42% – by several subsidiaries of the NBK, the remaining share – by the Chinese Payment and Clearing Association (PCAC).

The company is headed by the head of SWIFT in China Huang Meilun. PCAC representative Cheng Shigan became the vice-president. The board also includes three members from SWIFT and one from the NBK Digital Currency Research Institute.

In August last year, SWIFT opened a subsidiary in China to support the country’s efforts to internationalize the yuan.

As a reminder, in December, the Hong Kong Monetary Authority discussed testing the digital yuan (DCEP) with the People’s Bank of China.

Earlier, Deutsche Bank analysts said the Belt and Road Initiative and DCEP would eliminate the need to use SWIFT and give the yuan a chance to become an international reserve currency.

In January, the authorities in Beijing and Shanghai Beijing and Shanghai announced large-scale testing of DCEP.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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