Marbridge Daily

<- June 02, 2011 ->

Rumor: China Unicom May Soon Receive Third-Party Payment License

CCTIME, 6/02/11

A source at China Unicom (NYSE: CHU; 0762.HK; 600050.SH) said recently that certain elements and standards of the operator's third-party payment platform had been found to be non-compliant with People's Bank of China (PBoC) regulations. Unicom's payment subsidiary is currently making changes to its existing systems, and the source predicted that the system would be inspected by the PBoC this month, and could receive a license not long after passing inspection.

Dai Renfei, director of Unicom's payment subsidiary preparatory committee, said recently that the subsidiary, Unicom Wo Yifu ('My Easy Pay') Network Technology Co., Ltd., had been officially established as a legal entity, but that it had yet to begin operations, and that internally it was still being considered as under preparation.

Editor's Note: For more background on this topic, please see "Rumor: China Unicom Third-Party Payment License Delayed" MD 4/15/11 issue.

 
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