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Rumor: 360Buy to Acquire Third-Party Payment Provider

Sohu IT, 9/27/12

Beijing-based B2C e-commerce platform 360Buy reportedly plans to acquire third-party payment service provider Chinabank Payments (Beijing) Technology, which holds an online payment license. 360Buy declined to comment on the rumor.

Chinabank has RMB 100.5 mln in registered capital, and according to the People's Bank of China (PBoC), on June 27 the company received its online payment license, granting it the right to provide remittance, online payment, mobile payment, and fixed-line payment services nationwide, as well as bank card utility bill payment for the Beijing area.

Editor's Note: Zhao Guodong, CEO of Chinabank, denied the rumor, confirming that while the company had been in contact with 360Buy, it was not acquisition-related. Zhao added that 360Buy contacted other third-party payment providers such as 99Bill and ChinaPnR in early 2012 regarding a possible acquisition, but the talks fell apart. For more background on this topic, please see "Rumor: 360Buy to Establish Third-Party Payment Firm" MD 6/19/12 issue.

Keywords: Zhao Guodong e-commerce B2C 360buy third-party payment online payment e-payment M&A Chinabank Payment

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