CHINA-ECONOMY: PBoC ESTABLISHES JOINT VENTURE WITH SWIFT

The Chinese financial magazine Caixin reported (February 9) that the People’s Bank of China (PBoC) had set up a joint venture with SWIFT (Society for Worldwide Interbank Financial Telecommunication), the global network that processes transactions between financial institutions in different countries. PBoC has not yet made any official statement about the linkup. According to Caixin, SWIFT set up the venture, Finance Gateway Information Services Co. Ltd. (金融网关信息服务有限公司), with several institutions under the PBOC on January 16. The National Enterprise Credit Information Publicity System disclosed that with registered capital of 10 million euros ($12 million), the joint venture will primarily be involved in information systems integration, data processing and technology consultancy. Caixin said sources with knowledge of the matter said that the venture was set up to fulfil regulatory requirements regarding cross-border data security, ensure that information about transactions is stored domestically, and further facilitate cross-border transactions.





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