||

SWIFT, the global system for financial messaging and cross-border payments, has set up a financial gateway joint venture (JV) with subsidiaries of the People’s Bank of China (PBoC).

These subsidiaries include the China National Clearing Center (CNCC), and the Digital Currency Research Institute.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The JV named as the Finance Gateway Information Service (FGIS) was registered last month with a capital of €10m ($12m).

CNCC, the global interbank settlement organisation of PBoC, contributed 55% of the capital through its Hong Kong subsidiary.

CNCC owns 34% of the new JV as a result of this contribution.

CNCC’s cross-border clearing entity, the Cross-border Interbank Payments and Settlement (CPIS), and PBoC’s Digital Currency Research Institute own 5% and 3%, respectively.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The remaining 3% is owned by a self-regulatory association for the payments industry, the Payment and Clearing Association of China (PCAC).

According to media reports, the new entity has five board directors.

SWIFT’s WeChat account indicates that SWIFT China’s CEO Huang Meilun is the legal representative of the JV.

Moreover, the Payment & Clearing Association of China (PCAC) vice general secretary Cheng Shigang is the chairman of the board.

PBoC head of Digital Currency Research Institute Mu Changchun and three other SWIFT executives are the remaining directors.

The new financial gateway company was formed a year after SWIFT set up a foreign-owned enterprise in the country to internationalise Chinese Yuan, according to the China Daily.

The purpose and scope of the new venture were not divulged.