The international system of cross-border payments SWIFT and the People’s Bank of China (PBOC) registered a joint company Finance Gateway Information Service Limited on January 16. As the name suggests, it will be developing a payment gateway, reports CoinDesk.
The company’s mission is unknown, the parties did not disclose any information, however, public records say it will be involved in information systems aggregation, data processing, and technology consultancy.
The authorized capital of Finance Gateway Information Service amounted to € 10 million ($ 12 million). SWIFT, its largest shareholder, contributed 5.5 million euros or $6.62 million, while PBOC’s clearing center invested 3.4 million euros or $4.1 million, according to the records on the National Enterprise Credit Information Publicity System, the Chinese government’s enterprise credit information agency.
The company is headed by the CEO of the Chinese SWIFT branch Meilun Huang. The board also includes three members from SWIFT and one from the Digital Currency Research Institute.
In August last year, SWIFT opened a subsidiary in China to support the country’s efforts to internationalize the yuan.