Suning Receives Online Securities Payment License

SZSE, 10/11/13

Yifubao, the third-party payment platform of Chinese consumer electronics and home appliances retailer Suning (002024.SZ), has received a license from the China Securities Regulatory Commission (CSRC) to offer online securities purchases.

Suning plans to offer an account balance value-added service through Yifubao similar to third-party payment processor Alipay's Yu'e Bao. The company will also provide low-risk investment products including a currency fund and bond fund.

Editor's Note: For more background on this topic, please see "Rumor: Suning.com to Launch Account Balance VAS" MD 8/06/13 issue.

Keywords: Internet license e-payment Suning CSRC third-party payment 002024.SZ Yifubao e-commerce financial services Suning.com

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