UCF Pay, a unit of online financial services firm Credit China Holdings, will partner with China Construction Bank, Guangzhou branch to set up the platform. UCF plans launch this in Q1, 2016. Credit China obtained Beijing’s approval for the service in November, 2015.
UCF Pay, which obtained its third-party payment license in China in 2013, provides nationwide online payment services and prepaid card issuance in Beijing and Liaoning Province. Over the past years, UCF Pay has developed multiple online/mobile payment solutions for supply chain finance, P2P cloud platforms and mobile payment wallet, attracting over 1.4 million active users.
Phang Yew Kiat, vice-chairman and CEO of Credit China, says, “Driven by the increased adoptions in e-commerce activities across the globe, demand for cross-border online payment services will increase correspondingly.” He says that the company plans to use the new license to design innovative solutions to speed up and simplify cross-border payment procedures for customers. The new product offerings will bring new revenue streams for Credit China, he adds.
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