Shanghai FTZ Launches Pilot Program for Cross-border RMB Payment

Shanghai Free Trade Zone (FTZ) launched a new pilot program for RMB cross-border settlement service, allowing five third-party payment companies, namely, All In Pay, 99Bill, ChinaPay, EasiPay, ShengPay to handle this business in cooperation with their bank partners (via Tech Sina).

In order to carry out the service, each of the five payment service providers will open a cross-border RMB account at one of the Shanghai branches of five commercial banks, including Industrial and Commercial Bank of China, Bank of China, China Construction Bank, China Merchants Bank and Minsheng Bank.

This move allows domestic individual consumers as well as enterprises to purchase overseas services or products with RMB directly, facilitating the transaction procedures. More importantly, no commission fee will be charged for RMB settlements.

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