Progress in Shanghai’s FTZ

Shanghai: Five third-party payment firms have got the go-ahead to handle cross-border payments in renminbi in Shangai’s free trade zone.

The Shanghai Head Office of the People's Bank of China said that Allinpay, 99Bill, ChinaPay, Dongfang Electronics and Shengpay have been given the greenlight to trade in the FTZ.

"From credit card holders to third-party payment organizations, banks and merchants, they will all price and settle with yuan, which can avoid risks brought by exchange rate fluctuations," Sun Zhanping, ChinaPay's general manager, told local media.  [20/02/14]

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