Sina, Xiaomi Partnership Raises Online Payment License Questions

Caijing, 12/20/12

Chinese internet company Sina's (Nasdaq: SINA) microblogging platform Weibo and Beijing-based handset vendor Xiaomi yesterday announced a partnership to offer one-stop Xiaomi smartphone purchasing directly on Weibo, with payment completed via Sina's online payment platform, WeiboPay, leading to questions as to whether WeiboPay is licensed to offer online payment services. When asked whether Beijing SinaPay Science & Technology Co., Ltd. has a third-party payment license, a Sina spokesperson declined to comment due to a lack of information.

Established in September 2011, SinaPay Science & Technology has RMB 100 mln in registered capital with Sina COO Du Hong serving as sole legal representative of the company.

Editor's Note: For more background on this topic, please see "Online Payment Platform SinaPay Updates to WeiboPay" MD 12/08/12 issue.

Keywords: WeiboPay Du Hong handset Internet Sina third-party payment online payment microblogging Xiaomi e-payment

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