{"id":35845,"date":"2021-02-04T12:56:25","date_gmt":"2021-02-04T10:56:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=35845"},"modified":"2025-08-29T03:15:47","modified_gmt":"2025-08-29T00:15:47","slug":"pboc-and-swift-to-build-a-payment-gateway","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/pboc-and-swift-to-build-a-payment-gateway\/","title":{"rendered":"PBoC and SWIFT to build a payment gateway"},"content":{"rendered":"<p>On 16 January, the international cross-border payments system SWIFT and the People&#8217;s Bank of China (PBoC) registered a joint venture, Finance Gateway Information Service Limited. Based on the name, it will focus on developing a payment gateway, <a href=\\\"https:\/\/www.coindesk.com\/chinas-central-bank-is-partnering-with-swift-on-a-new-joint-venture\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">CoinDesk<\/a> reports.<!--more--><\/p>\n<p>\\n<\/p>\n<p>The company&#8217;s mandate is unknown; its founders did not respond to the publication&#8217;s requests for comment. Public sources indicate the venture will specialise in information-systems aggregation, data processing, and technology consulting.<\/p>\n<p>\\n<\/p>\n<p>The registered capital of Finance Gateway Information Service stands at \u20ac10 million ($12 million). Fifty-five percent is owned by SWIFT&#8217;s Hong Kong subsidiary, 42% by several PBoC subsidiaries, with the remaining stake held by the China Payment Clearing Association (PCAC).<\/p>\n<p>\\n<\/p>\n<p>The company is led by Huang Meilun, SWIFT&#8217;s head in China. The vice-president is Chen Shigan, a representative of PCAC. The board also includes three SWIFT members and one representative from the PBoC&#8217;s Digital Currency Institute.<\/p>\n<p>\\n<\/p>\n<p>In August last year, SWIFT opened a subsidiary in China to support the country&#8217;s efforts to internationalise the yuan.<\/p>\n<p>\\n<\/p>\n<p>Earlier in December, the Hong Kong Monetary Authority discussed <a href=\"https:\/\/forklog.com\/en\/news\/peoples-bank-of-china-and-hong-kong-to-deploy-the-digital-yuan-in-cross-border-payments\">testing the digital yuan (DCEP)<\/a> with the People&#8217;s Bank of China.<\/p>\n<p>\\n<\/p>\n<p>Earlier Deutsche Bank analysts said that the Belt and Road Initiative and DCEP will remove the need to use SWIFT and give the yuan <a href=\"https:\/\/forklog.com\/en\/news\/deutsche-bank-national-digital-currencies-could-challenge-dollar-dominance\">to become an international reserve currency<\/a>.<\/p>\n<p>\\n<\/p>\n<p>In January, Beijing and Shanghai authorities announced <a href=\"https:\/\/forklog.com\/en\/news\/beijing-and-shanghai-plan-large-scale-testing-of-the-digital-yuan\">a large-scale test of the DCEP<\/a>.<\/p>\n<p>\\n<\/p>\n<p>Follow ForkLog news on <a href=\\\"https:\/\/vk.com\/forklogcom\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 16 January, the international cross-border payments system SWIFT and the People&#8217;s Bank of China (PBoC) registered a joint venture, Finance Gateway Information Service Limited. Based on the name, it will focus on developing a payment gateway, CoinDesk reports.<\/p>\n","protected":false},"author":1,"featured_media":35846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1734,116],"class_list":["post-35845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-peoples-bank-of-china","tag-swift"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/35845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=35845"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/35845\/revisions"}],"predecessor-version":[{"id":35847,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/35845\/revisions\/35847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/35846"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=35845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=35845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=35845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}