Online retailor JD (previously known as 360buy) planned to relaunch the revamped version of Chinabank Payments at the end of this year or first quarter of next year in a bid to foster a homegrown payment system (report in Chinese).

Founded in 2003, Chinabank Payments’ business covers online payment, mobile phone payment, and fixed-line payment.

After acquiring Chinabank Payments in October 2012, JD reconstructed the company in terms of share and legal structure, connection with JD accounts and applied for various financial licenses, said Liu Changhong, head of JD’s Financial Development Department.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.